HanmiGlobal wins construction project management deal in Saudi Arabia

By Baek Byung-yeul

HanmiGlobal has won a construction project management deal for Saudi Arabia's large-scale smart city project, Neom, as part of efforts to boost its presence in the Middle East.

As Korea's top company in the field of developing, handling and executing construction projects, HanmiGlobal said Tuesday it had won a specialized program management deal for The Line project, part of the Neom Smart City.

The contract is worth 2.3 billion won ($2.07 million) and the company is scheduled to conduct project management, and develop an operations structure and other related work until May 2023. Utilizing the contract as a first step, HanmiGlobal aims to win additional deals worth hundreds of billions of won in the future, according to a company representative.

HanmiGlobal attributed winning the contact to its years of business experience in Saudi Arabia. Since entering the market there in 2007, the company has successfully carried out more than 20 projects, such as the construction of the Information Technology Communication Complex and Al Widyan development, both in Riyadh. The company is currently managing the construction of the Jabar Omar complex in Mecca.

“Since HanmiGlobal made inroads into the overseas market in 2003, we have been able to achieve good results by being recognized for our excellent construction project management capabilities,” Chairman Kim Jong-hoon said. “We hope this contract will serve as a bridge for Korean construction companies. We also expect the government and other private companies will get involved in the Neom Smart City project in some capacity.”

Established in 1996, HanmiGlobal has grown into the country's largest project management company, managing the construction of various new projects, including skyscrapers, energy plants and infrastructure, as well as redevelopment and reconstruction projects.