IRHM, Your Global Window into Real Estate and Hospitality

April 3, 2026

Transportation

Sun PhuQuoc Airways has partnered with Pacific Air Agency to launch direct flights between South Korea and Phu Quoc. A daily service from Seoul starts on 17 April 2026, followed by a Busan route in June. The airline aims to capture a growing market that saw over 4.3 million Korean visitors to Vietnam in 2025. Passengers will benefit from significant discounts within the Sun Group ecosystem.
Sun Group and Changi Airports International have partnered to manage Phu Quoc International Airport, introducing Vietnam’s first "airport destination" model. The collaboration aims to elevate the site to 5-star international standards, featuring a new terminal and advanced smart technology. With a planned capacity of 24 million passengers annually, the project is designed to transform the airport into a hub for retail, dining and entertainment before APEC 2027.
HS Hwaseong has won its first African infrastructure contract to build a 10.5km Bus Rapid Transit system in Nairobi. The 78.4 billion won project includes 13 stations and five bridges. Supported by South Korean development funds, the 24-month build aims to reduce Kenyan traffic congestion. The firm will use its 68 years of experience to implement eco-friendly and smart construction methods in this new market.
Cinnamon Hotels & Resorts and Walkers Tours have signed a Memorandum of Understanding with the National Olympic Committee of Sri Lanka. This agreement establishes a formal framework for hospitality and transport to support international athletes and Olympic officials. By aligning private sector expertise with the national sporting body, the partners aim to improve Sri Lanka's ability to host major tournaments and training camps.
Saudi Arabia and Syria have signed a series of strategic investment agreements covering aviation, telecommunications, and infrastructure. Minister of Investment Khalid Al-Falih led a high-level delegation to Damascus to meet with President Ahmad Al-Sharaa. The deals include a major redevelopment of Aleppo International Airport and the creation of a new joint airline with Flynas. STC will lead efforts to modernise Syria's digital infrastructure while ACWA Power explores a large-scale desalination project.
The Royal Commission for Riyadh City (RCRC) has unveiled Package 3 of its massive road development programme. This latest phase involves six major projects with a budget exceeding SAR 8 billion. Aimed at modernising the capital's transport network, the initiative aligns with Saudi Vision 2030 to turn Riyadh into a global logistics and mobility hub. Construction is expected to take between three and four years.

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