Global construction project management (PM) corporation HanmiGlobal announced on the 30th that it has secured PM services for the development of a super-tall premium residential complex in Mecca, Saudi Arabia, through its Saudi subsidiary.
The contract amount is approximately 25 billion won, which accounts for about 10% of HanmiGlobal's overseas revenue (on a consolidated basis) from last year.
This project is a super-tall premium residential complex located opposite Al-Haram, the holiest site in Mecca, the heart of the Islamic world. It is planned to include a residential tower, commercial facilities, prayer rooms, parking lots, and other supporting facilities. Due to the client's confidentiality request, the project name, business overview, and contracting party have not been disclosed.
HanmiGlobal has maintained stable performance through continuous overseas contracts. In the first quarter of this year, it recorded consolidated revenues of 122.5 billion won and an operating profit of 9.8 billion won, with overseas revenue accounting for about 52% at 63.5 billion won. Notably, sales in Saudi Arabia increased by 11% to 12.3 billion won compared to the previous quarter.
Since entering the Saudi market in 2007, HanmiGlobal has successfully carried out over 40 projects. Since 2021, it has secured multiple projects related to Saudi Arabia's future city project 'Neom City' and has been conducting a total of 8 business operations, including ▲special overall program management (e-PMO), ▲general project management, transportation, environment, and sustainability consulting services in three fields, and ▲monitoring services for an 80,000-unit worker accommodation project.
In July of last year, HanmiGlobal took the lead among domestic corporations in establishing the Middle East Headquarters (RHQ) in Saudi Arabia, aiming to expand its business in the region and strengthen its local sales base. The establishment of the RHQ is becoming a mandatory requirement for bidding on projects ordered by the Saudi government from 2024, and currently, only a few major construction companies and IT corporations in Korea hold the corresponding license.
A representative from HanmiGlobal noted, "This project award is a case that recognizes our global PM capabilities and expertise once again in the Middle Eastern market, beyond just construction projects," adding, "We will continue to create sustainable results not only in the Middle East but also in the global market."