S. Korean Daewoo wins US$330 million order from Saudi

Daewoo Engineering & Construction Co., South Korea''s fourth-largest builder, said Wednesday it has clinched a US$330 million order to build a residential complex in western Saudi Arabia. Under the deal with the Kele Saudi Arabia Ltd., Daewoo Engineering will construct 360 residence units for 7,200 households in a new town at the coastal city of Jeddah, South Korea''s (Yonhap) news agency reported. The construction is scheduled to be completed by February 2016, the builder said. The Saudi government is pushing for a $67 billion housing project to build 500,000 new homes by 2014 in a bid to meet the country''s growing demand. (QNA) AMA