January 3, 2011 / 9:52 AM / 9 years ago

Saudi firm wins contract in UAE with Korean company

DUBAI, Jan 3 (Reuters) - Saudi Arabia’s Mohammad Al-Mojil Group signed on Monday a 197 million riyal contract ($52.5 million) with South Korea’s Hyundai Engineering and Construction Co (000720.KS) to build an engine oil factory in Abu Dhabi.

Construction will start in February and run through December 2012, according to a statement posted on the Saudi bourse website.

The project is the Saudi company’s first in the United Arab Emirates, the statement said. ($1=3.750 Saudi Arabian Riyal) (Writing by Mahmoud Habboush)

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