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Hyundai Glovis Co., the logistics unit under auto conglomerate Hyundai Motor Group, said Friday it has clinched a $100 million shipping service contract with a building materials firm in Qatar.
The agreement signed with state-run Qatar Primary Materials Co. calls for the South Korean shipping firm to transport 12 million tons of aggregates to the Arab nation from neighboring United Arab Emirates for the next two years, according to Hyundai Glovis.
The aggregates imported by the Qatari government are to be used in the construction of facilities for the 2022 FIFA World Cup to be hosted by the country.
"The latest deal will be a chance for the company to promote its competitiveness in the Middle Eastern logistics industry," said Kim Kyung-bae, chairman of Hyundai Glovis. "We will strengthen relations with local consignors to win more contracts in the region." (Yonhap)
