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Korea’s leading construction management company HanmiGlobal Co. said on Thursday that Al Akaria Hanmi, a joint venture with Saudi Arabia’s largest property developer Al Akaria, clinched a deal to oversee an urban development project near Riyadh, the capital and most populous city of the Middle Eastern country.
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.
By Yong Hwan-jin and Lee Eun-joo
Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.
Source: Pulse by Maeil Business News Korea (Jan. 5, 2018)