Sungwon looking to future growth
Korean building operator has won contracts worth over US$1.6mn
Korean building operator Sungwon OBO, part of Makateb Holding, has announced contract wins for the first quarter of the year, including a combined US $1.6 million (AED6 million) deal in Jumeirah Village to provide full FM services.
Sungwon OBO CEO, Eric Raes, said of the wins: “We have signed contracts with a combined value of AED6 million to provide full FM services to premium development projects in Jumeirah Village.
“We will provide maintenance, cleaning and security, as well as consultancy services for three years to A&A Investments’ Serena Residence project, and to the Al Duaa Residence project of Al Duaa Residence Ltd, which are both located in Jumeirah Village.”
On the Michigan State University Dubai deal, signed in February, Raes would not disclose its worth, but told fmME: “At the moment, we are not at liberty to discuss sensitive details about that project. But we can inform you, however, that this project represents a significant achievement for facilities management in the education market.
The MSU Dubai contract is renewable every year said Raes. “We will provide total FM services, including cleaning and security for Michigan State University Dubai as well as its accommodation facilities,” he added.
As for the second quarter and beyond, Raes said Sungwon is looking at other projects as well as joint venture initiatives - complete details, however, are still being finalised.
“Research shows that although a large number of construction projects have been put on hold, there is still huge growth potential for FM in the Middle East due to the number of projects recently completed, or due for completion in the near future,” he said.
“We are confident we can achieve 15-20% growth over three years and we fully expect the overall market in the UAE to hit US $10 billion by 2012.”