Al Akaria partners with HanmiGlobal to set up firm

Saudi Real Estate Company (Al Akaria) has set up a Riyadh-based project management firm in partnership with South Korean HanmiGlobal Co. Ltd.

The new realty firm is capitalized at SAR 4 million, or 400,000 shares, priced at SAR 10 each.

Al Akaria has injected SAR 2.4 million (60 percent) in the new company’s capital, to be financed from its recourses, and this will reflect on Al Akaria’s Q4 2017 financial statements, it said. HanmiGlobal has pumped in SAR 1.6 million (40 percent).

HanmiGlobal is a Korean project management company with presence in seven countries around the world, and a track record of more than 215 projects in 50 countries.