Samsung C&T Corp. is leading a Korean consortium in a $1.6 billion highway project in Turkey, marking a shift from its traditional construction-focused role to that of a global developer.
The consortium, which includes Korea Expressway Corp. and Korea Overseas Infrastructure & Urban Development Corp., will partner with local firm Renaissance to build and operate a 31-kilometer (19-mile) stretch of the Northern Marmara Highway near Istanbul. The project involves constructing a six to eight-lane highway and a suspension bridge.
Set for completion in 2027, the highway will be privately operated for 15 years under a public-private partnership model. The Turkish government has guaranteed minimum traffic volume and euro-based toll fees, with expected revenue exceeding $4.4 billion over the operational period.
Samsung C&T anticipates additional profits from its 260 billion won ($191 million) construction contract and its stake in the operation. The company sees this project as an opportunity to leverage its global execution capabilities and expand into Turkish, CIS, and Eastern European markets.
The deal, signed on October 21, represents a significant step in economic cooperation between South Korea and Turkey, blending Korean technological expertise with local knowledge.
