[Special Stock] Heerim Partners with Saudi Investment Ministry and Hyundai Construction to Lead the 'Second Middle East Boom'

The stock price of the global architecture firm Heerim Architects & Planners is on the rise. Following President Yoon Seok-yeol's state visit to Saudi Arabia, it is reported that Korean companies are likely to win orders for projects worth $25 billion (approximately 34 trillion KRW) as part of Saudi Arabia's NEOM City project, which appears to be influencing the stock price. The Korean construction industry, marking its 50th anniversary of entering Saudi Arabia, is experiencing growing expectations for a 'second Middle East boom,' with Hyundai Engineering and Hyundai Construction securing contracts for a $2.4 billion (about 3.2 trillion KRW) gas plant project.

At 9:20 a.m. on the 24th, Heerim was trading at 9,190 KRW, up 14.59% from the previous day.

Heerim signed a tripartite Memorandum of Understanding (MOU) with the Saudi Ministry of Investment and Hyundai Construction in Riyadh, Saudi Arabia, agreeing to mutually cooperate in real estate development projects and infrastructure sectors.

According to the agreement, Heerim will actively participate in various development projects, infrastructure, and PPP projects occurring in Saudi Arabia, and will closely collaborate on architectural design and construction management (CM) tasks. The Saudi Ministry of Investment pledged to provide full support to Heerim by cooperating with all relevant government agencies to help Heerim secure orders. They also promised active cooperation to form a consortium with Hyundai Construction and other Korean companies, enabling participation in design, construction, and operation.

Heerim is recognized for its world-class design capabilities and CM expertise both domestically and internationally. It has secured orders in various fields across the Middle East, including Qatar, Kuwait, Iran, and Iraq. Recently, Heerim established a local subsidiary in Saudi Arabia and is actively conducting sales activities to win Saudi projects.