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Biz News Korea(Eng)
HanmiGlobal’s JV in Saudi Arabia wins urban development project near Riyadh
- Collected
- 2018.01.05
- Distributed
- 2018.01.08
- Source
- Go Direct
![A bird’s eye view of Saudi Arabia’s Wedyan development project. [Provided by HanmiGlobal Co.] <br><br>](http://file.mk.co.kr/meet/neds/2018/01/image_readtop_2018_11064_15151278763161390.jpg)
A bird’s eye view of Saudi Arabia’s Wedyan development project. [Provided by HanmiGlobal Co.]
The deal dubbed program management office (PMO) refers to standard services to improve and develop overall project management capability.
The Al Wedyan project to be carried out on a 6.988 million square meter area located about 20 kilometers north of Riyadh will involve creating a multipurpose residential and commercial complex including recreation facilities. The area is more than double the size of financial district of Yeouido in Seoul.
Once the project is completed, the new area with a theme park and residential and commercial facilities is expected to become a landmark of Saudi Arabia.
Under the PMO deal, Akaria Hanmi will design development blueprint, fund raising scheme, and cost management for the 17 trillion won ($16 billion) project. The development project will break ground in 2019. Akaria Hanmi will receive 90 billion won to 100 billion won worth in service fees.
Akaria Hanmi, meanwhile, hopes to solidify its presence as a construction management company with cutting-edge technology and business management capability in the Middle East by advancing into Gulf Cooperation Council and Middle East and North Africa regions that will be invested by the Saudi Arabia government in the future.
HanmiGlobal so far has been responsible for 20-odd projects in Saudi Arabia.
As of 1:45 p.m., shares of HanmiGlobal were up 0.62 percent at 9,680 won.
By Yong Hwan-jin and Lee Eun-joo
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