SEOUL, September 25 (AJP) - Hanmi Global announced on Thursday that it had secured a series of construction management contracts in the Middle East.
The company won three construction supervision contracts from Kuwait’s Public Authority for Housing Welfare, valued at about 31 billion won, or roughly $22 million. In Saudi Arabia, it secured a separate deal worth 16 billion won to provide project management services for part of the kingdom’s vast Green Riyadh initiative.
Together, the contracts amount to about 47 billion won, or $34 million, equal to nearly one-fifth of the company’s overseas revenue last year.
In Kuwait, Hanmi Global will oversee projects in Abdullah City, a sprawling development southwest of Kuwait City that includes 1,600 housing units and related infrastructure such as roads and lighting.
The city has become a showcase for South Korea’s smart city technology, the product of years of collaboration between the two governments. Since 2017, Korea Land and Housing Corporation has been in charge of the city’s master plan and design, while Hanmi Global joined the effort last year as a program management partner.
The new contracts further cement Hanmi Global’s foothold in Kuwait, where it has steadily built its presence by handling multiple aspects of the Abdullah City project. The deal also coincides with the 50th anniversary of construction cooperation between South Korea and Kuwait, a relationship often described by officials as a model of public-private partnership.
In Saudi Arabia, Hanmi Global will manage work in Zone 7 of the Green Riyadh program, one of the world’s largest urban greening projects. Launched in 2019 by King Salman and Crown Prince Mohammed bin Salman, the initiative is a centerpiece of the kingdom’s Vision 2030 development plan and carries a total budget of about $10 billion. Zone 7 alone covers 22 square kilometers.
“The Middle East, including Saudi Arabia, Kuwait and the United Arab Emirates, presents abundant opportunities for global construction firms,” the company said in a statement.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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