HanmiGlobal wins $34 million Saudi Diriyah complex project

HanmiGlobal Co., a South Korean construction project management (PM) company, said on Monday it has won a 44 billion won ($34 million) deal, part of a $20 billion megaproject to build a luxury residential complex in Saudi Arabia.

The company said it has received a letter of acceptance (LOA) from Diriyah Gate Development Authority (DGDA), which is mandated to construct a complex of houses, hospitals, shopping centers and resort facilities in Diriyah, a town 20 km west of the Saudi Arabian capital of Riyadh.

DGDA is controlled by Saudi Arabian Crown Prince Mohammed bin Salman, who is the authority's chairman of the board.

Of the $20 billion project, HanmiGlobal will be tasked with managing a project to build a residential and commercial town in the Diriyah South & Garden District. Under the contract, the Korean company will draw up project management and operation plans and oversee design management and quality control until 2027.

The 44 billion won deal represents about 16% of HanmiGlobal’s 2021 sales revenue.

The latest deal follows HanmiGlobal’s 15.5 billion won project management contract in 2021 for the construction of a residential, educational, cultural, recreational and hospitality hub in Riyadh.

HanmiGlobal won the contract from Roshn, Saudi Arabia’s national real estate developer.

Since entering the Saudi Arabian market in 2007, HanmiGlobal has carried out some 30 PM projects, including the construction of the Information Technology Communication Complex in Riyadh.

In June of last year, the Korean company won a PM deal for the construction of the Neom smart city in Saudi Arabia.

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

Write to Jong-Pil Park at jp@hankyung.com
In-Soo Nam edited this article.