Saudi developer Al Akaria forms project management firm
Hanmi Project Management has been formed with $1m in initial capital from Al Akaria and Hanmi Global, and will be headquartered in Riyadh
Saudi Real Estate Company, also known as Al Akaria, has formed a project management company.
Hanmi Project Management has been formed with $1m (SAR4m) in initial capital, and will be headquartered in Riyadh.
Al Akaria has invested 60% of its capital in the firm, while Hanmi Global from South Korea has invested the remaining 40%.
The South Korean company provides project management and construction implementation services, in addition to technical advisory and construction supervision.
Al Akaria's decision to implement the company would support its project implementation, efficiency, and cost management plans, the firm said in a missive issued to the Saudi bourse.
The developer added that it expected the company's formation to be reflected in its Q4 2017 financials.
Projects featured in Al Akaria's portfolio include the Al Akaria Residential Compound, The Diplomatic Quarter, and the New Sitten Project in Riyadh.