South Korean construction management firm HanmiGlobal said Thursday it has won new contracts worth a combined 47 billion won ($33.6 million) in Kuwait and Saudi Arabia, equivalent to about 19 percent of its total sales last year.
In Kuwait, the company secured three supervision and consulting contracts from the Public Authority for Housing and Welfare, valued at roughly 31 billion won.
The projects include apartment complexes, public buildings, and roads and infrastructure in South Saad Al-Abdullah, a new city being developed on the outskirts of Kuwait City. Positioned as a “Korean-style smart city,” the projects are based on an infrastructure cooperation between the Korean and Kuwaiti governments.
HanmiGlobal, which has been working alongside Korea Land and Housing Corporation on the city’s master plan and program management, won the latest deals on the back of its proven project management capabilities in the local market.
The company also won a 16 billion won contract to provide project management services for the Green Riyadh program in Saudi Arabia, a $10 billion urban renewal project launched under Saudi Vision 2030.
The initiative aims to plant 7.5 million trees and restore the urban ecosystem by 2030. HanmiGlobal will oversee project management and quality assurance for a 22-square-kilometer green space development.
Since entering Saudi Arabia in 2006, the firm has grown its footprint in the Middle East region, with projects including worker housing complexes in Neom City and project management for an 87-story high-rise residential tower in Mecca.
“The Middle East is a land of opportunity for global construction companies because of its oil money and the abundant demand for continuous infrastructure investment and eco-friendly smart city development,” a HanmiGlobal official said.
andreahaneu@heraldcorp.com
