[Asia Economy Reporter Jang Hyowon] As the bidding for the ‘Neom City’ project begins, Heerim is showing strength. Heerim is attracting attention for its local architectural experience and know-how, having previously secured design services in Qatar.
As of 10:18 AM on the 18th, Heerim is trading at 6,030 KRW, up 230 KRW (3.97%) from the previous trading day.
According to industry sources, the bidding war for infrastructure contracts for ‘Neom City,’ the world’s largest project with a total budget of 500 billion USD (approximately 640 trillion KRW) led by Saudi Crown Prince Mohammed bin Salman, has begun.
This project is a core initiative of ‘Saudi Vision 2030,’ aimed at transforming the economy, which has relied on oil, into one centered on advanced manufacturing. There are expectations that a successful large-scale contract win could trigger a ‘second Middle East boom.’
Meanwhile, Heerim, a global architectural design and CM·supervision company, has previously secured design services worth 22.8 billion KRW in Qatar. This project is scheduled to continue until October 31.
Heerim possesses local architectural experience and know-how in Qatar and is known to have built strong trust with domestic construction companies operating in Qatar, as well as local firms and multinational corporations, based on a localization strategy.
Accordingly, Heerim is expected to secure a favorable position in the bidding competition as an architectural firm already established in Qatar. It is also reported to hold a solid advantage over competitors through its DCM service, which simultaneously performs planning, design, and CM from the initial stages.
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