https://www.koreatimes.co.kr/www/tech/2024/06/419_376270.html
Saudi Arabia's NEOM project unlikely to match Korean firms' expectations
Major construction firms in Korea initially sought to win large-scale orders for the project to overcome a recent slump in the domestic housing market.
www.koreatimes.co.kr
Korean companies may not be able to enjoy the benefits they have anticipated from Saudi Arabia’s NEOM project, as the Middle Eastern country appears to be scaling down the urban development project amid its prolonged financial difficulties, according to industry officials, Monday. Major construction firms in Korea initially sought to win large-scale orders for the project to overcome a recent slump in the domestic housing market.
enjoy the benefits 혜택을 즐기다
scale down = reduce = downsize = downscale = squeeze = cut = slash 줄이다, 감소하, 축소하다
urban development project 도시개발 프로젝트
gentrification (주택가의) 고급 주택화
prolonged = protracted = long-drawn-out = long-drawn = drawn-out = long-term 장기화된, 질질 끄는, 오래된
financial difficulties = financial hardship 자금적 어려움, 재정적 어려움
seek to ~하려고 애쓰다
seek for = look for = devise 찾다, 구하다, 강구하다
large-scale orders 대규모 수주
slump = predicament = quandary = downturn = recession = depression = stagnation = difficulties = plight = odds = hardship = awkward situation = difficult situation 슬럼프, 불황, 곤란, 곤란
housing market 주택 시장
When Saudi Crown Prince Mohammed bin Salman Al Saud visited Seoul in 2022, heads of Korea’s leading conglomerates met him in person seeking lucrative business opportunities. In 2023, President Yoon Suk Yeol visited Riyadh with business leaders to promote Korea’s capabilities in smart city construction. After Samsung C&T and Hyundai E&C received orders two years ago for the construction of tunnels for The Line vertical city, however, there have been no additional orders placed with Korean construction firms.
conglomerate = large company = behemoth = big company 대기업, 복합기업
meet in person = meet personally 면접하다, 직접 만나다
seek lucrative business opportunities 돈이 되는 사업기회를 찾다
lucrative = profitable = profit-making = moneymaking = remunerative = gainful 돈이되는, 돈벌이가 되는, 수익이 되는
smart city construction 스마트 시티 건설
receive orders 수주를 받다, 주문을 받다
place an order with ~에 주문을 하다, ~에게 주문을 하다
Overseas news outlets also reported in April that the Saudi sovereign wealth fund’s lack of cash led to a reduction in the length of The Line to 2.4 kilometers from 170 kilometers, although the Middle Eastern country has denied the news. Last month, the planned construction of a desalination plant on Oxagon industrial city was canceled, thwarting the participation of Saudi Arabia’s Enowa, Japan’s Itochu and France’s Veolia in the $1.5 billion project.
news outlet 언론 매체, 언론 기관
sovereign wealth fund 국부 펀드
lack of cash 현금 부족
reduction in ~의 축소, ~의 감소
deny = contradict = refute = disclaim = repudiate 부인하다, 반박하다, 부정하다
thwart = deter = frustrate = discourage = dishearten = stymie = foil 좌절시키다, 낙담시키다
In addition, it was reported that Saudi Arabia sold only $11.2 billion worth of shares in Aramco, falling short of the maximum amount the world’s largest oil company could have raised in such a deal, which was intended to attract foreign investments amid falling crude oil prices.
fall short of = fail to reach = fail to obtain = be not up to = be lower than expected = come short of = fail to live up to ~에 부응하지 못하다, ~에 미치지 못하다
attract foreign investment 외국인 투자를 유치하다
fall crude oil prices 원유 가격이 하락하다, 국제 유가가 떨어지다
“It is inevitable for Saudi Arabia to scale down the NEOM project, as its government is pushing ahead with various other large-scale projects,” a Hyundai E&C official said. “However, we seek to participate in construction works at The Line’s Hidden Marina zone, considering the ongoing bids for the construction of tunnels and basement structures in the zone.”
inevitable = unavoidable = indispensable = inescapable = ineluctable 피할 수 없는, 불가피한, 어쩔 수 없는
push ahead = propel = promote 추진하다, 진행하다
ongoing bids 계속 진행중인 응찰
basement structure 지하층 구조물
Another construction industry official said on condition of anonymity that most memorandums of understanding (MOUs) signed for the NEOM project will not lead to main contracts. “The NEOM project is very challenging, and its size may exceed the initial estimation of $500 billion due to internal and external factors,” International Contractors Association of Korea researcher Park Hyung-jin said. “The Red Sea shipping crisis has delayed shipping and increased delivery costs, having a negative impact on Saudi Arabia’s giga-projects.”
on condition of anoymity = anonymously 익명으로
memorandum of understanding (MOU) 양해 각서
sign for ~에 서명하다
challenging = formidable = taxing = burdensome = demanding = testing = exacting 아주 힘든, 어려운
delivery costs 배송 비용
have a negative impact on ~에 부정적인 영향을 주다
giga-project 대형 프로젝트
NEOM CEO Nadhmi Al Nasr, however, said in the latest newsletter that significant advances have been made in the development of NEOM’s regions. “Our construction teams have been working tirelessly to shape the physical landscape and we are witnessing the transformation on the ground,” he said. “We believe that 2024 will be a great year."
significant advance 상당한 발전, 상당한 진전
work tirelessly 지치지 않고 일하다
witness the transformation 변화를 경험하다, 변모를 겪다
on the ground 현장에서, 현지에서
코리아타임스위클리
"시사와 영어를 한 번에"
Korea Times Weekly
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