Firms Signed MOU to design and build 10,000 units of properties in Saudi Arabia

Firms Signed MOU to design and build 10,000 units of properties in Saudi Arabia

MGB Berhad (MGB), a construction and property development solutions provider and subsidiary of LBS Bina Group Berhad, Malaysia announced that it has entered into a Memorandum of Understanding (MOU) with SANY Alameriah For Construction Co., Ltd. (SA).

SA is a joint venture company incorporated in the Kingdom of Saudi Arabia between SANY, the second largest heavy equipment manufacturer in the world, and Alameriah, a renowned developer in Saudi Arabia. It is principally involved in general construction activities, real estate development, infrastructure, design and build, and manufacturing of precast concrete products.

Under the terms of the MOU, SA aims to appoint MGB to design and build up to 10,000 units of properties, with a total project value of approximately 2.5 billion SAR (RM2.9 billion) under the Government Sakani Program (“Construction of Units”) in the Kingdom of Saudi Arabia which shall be completed in five (5) years.

In addition, SA intends to collaborate with MGB to operate a precast concrete factory located in the city of Jeddah which is envisioned to supply 1,000,000 m3 precast concrete products for the Construction of the Units in five (5) years.

The signing of the agreement took place at LBS’ headquarters in Plaza Seri Setia, Petaling Jaya, Selangor. MGB Executive