HanmiGlobal, a leading South Korean project management company, has secured a $18.3 million contract to oversee a high-rise mixed-use development in Makkah, Saudi Arabia. The project, strategically located opposite Al Haram, the holiest site in Makkah, will include residential towers, retail and commercial facilities, prayer rooms, parking lots, and other essential amenities. Through its Saudi subsidiary, HanmiGlobal will provide comprehensive project management services to ensure the successful delivery of this premium residential complex in the heart of the Islamic world.
Project Details
The contract, valued at approximately 25 billion won, represents about 10% of HanmiGlobal’s overseas sales from the previous year, highlighting the significance of the Saudi market for the company. The development is set to become a landmark project in Makkah, combining residential, commercial, and religious facilities to cater to the needs of residents and visitors. Due to the client’s request for confidentiality, the project name and the identity of the contracting party have not been disclosed.
The scope of HanmiGlobal’s work includes managing all aspects of the project, from planning and coordination to execution and delivery. The company’s expertise in handling complex, large-scale developments positions it well to meet the project’s high standards and tight requirements.
HanmiGlobal’s Strong Presence in Saudi Arabia
HanmiGlobal has been a key player in Saudi Arabia’s construction and project management sector since entering the market in 2007. Over the past 18 years, the company has completed more than 40 projects across the kingdom, establishing a reputation for reliability and excellence. Its portfolio includes significant contributions to Saudi Arabia’s Vision 2030 initiatives, particularly the futuristic NEOM City project.
Since 2021, HanmiGlobal has secured eight contracts related to NEOM City, including special overall program management (e-PMO), general project management, transportation, environment, and sustainability consulting, as well as monitoring services for an 80,000-unit workers’ accommodation complex. These projects demonstrate the company’s ability to handle diverse and ambitious developments, further solidifying its role as a trusted partner in Saudi Arabia’s transformation.
In July last year, HanmiGlobal established a regional headquarters in Saudi Arabia, a move that aligns with the kingdom’s requirement for foreign companies to have a local base to bid on government projects since 2024. This strategic decision has strengthened HanmiGlobal’s ability to compete in the Saudi market and pursue additional opportunities.
Financial Performance and Global Reach
HanmiGlobal’s financial performance underscores its growing influence in the global project management industry. In the first quarter of this year, the company reported consolidated sales of 122.5 billion won and an operating profit of 9.8 billion won. Overseas sales accounted for 52% of the total, reaching 63.5 billion won, with Saudi Arabia playing a pivotal role. Sales in the kingdom increased by 11% compared to the previous quarter, reaching 12.3 billion won, reflecting strong demand for HanmiGlobal’s services.
The company’s global footprint extends beyond Saudi Arabia, with over 2,600 projects completed in more than 60 countries. In 2022, HanmiGlobal was ranked as the 8th largest non-US project management and construction management company in the world, according to industry reports. Its ability to combine international best practices with local expertise has made it a sought-after partner in competitive markets.
Significance of the Makkah Contract
The $18.3 million contract for the Makkah high-rise project is a testament to HanmiGlobal’s expertise and reputation in managing complex developments. The project’s location opposite Al Haram adds to its significance, as it will serve as a key development in one of the world’s most important religious and cultural centers. By delivering high-quality project management services, HanmiGlobal aims to contribute to the kingdom’s ongoing development while strengthening its position in the region.
Looking Ahead
As Saudi Arabia continues to invest in transformative projects under Vision 2030, HanmiGlobal is well-positioned to play a leading role in the kingdom’s construction and development landscape. The company’s success in securing the Makkah contract, combined with its extensive experience and strong financial performance, signals a bright future for its operations in Saudi Arabia and beyond.
Key Project Details
| Details | Information |
| Contract Value | 25 billion won ($18.3 million) |
| Project Location | Opposite Al Haram, Makkah, Saudi Arabia |
| Project Type | High-rise mixed-use complex (residential towers, retail, commercial facilities) |
| Scope of Work | Project management services, including prayer rooms, parking lots, other amenities |
| Company History in Saudi Arabia | Entered in 2007, completed over 40 projects, active in NEOM City since 2021 |
| Financial Performance (Q1) | Consolidated sales: 122.5 billion won, Operating profit: 9.8 billion won, Overseas sales: 63.5 billion won (52% of total) |
| Saudi Arabia Sales Growth | Increased by 11%, reached 12.3 billion won in recent quarter |
