MGB in tripartite deal to explore opportunities in Madinah
KUALA LUMPUR: MGB Bhd has signed a tripartite memorandum of understanding (MoU) with Almqr Development Co (Almqr) and Alameriah Real Estate Development Company (Alameriah) to explore investment opportunities in Madinah, Saudi Arabia.
Pursuant to this MoU, Almqr intends to engage Alameriah and MGB as specialists in development, design and build, manufacturing of precast concrete, and project management, with the financial and technical capabilities to carry out pioneering projects in the field.
MGB executive vice chairman Tan Sri Ir Lim Hock San said the company looks forward to exploring the synergies that this collaboration will bring.
"MGB will leverage its extensive experience in providing end-to-end construction services, including design and build, project management, value engineering, construction, infrastructure development, and property development, to uncover potential opportunities under the MoU together with the other parties.
"Our precast concrete factories in Malaysia currently have the capacity to produce up to 100,000 cubic metres (m3) annually, and the experience we've accumulated and refined over the past several years will be crucial for our success in this collaboration.
"Additionally, MGB currently operates a precast concrete manufacturing factory located in Jeddah, that has a capacity of 300,000m3 a year," he said.
Lim added that MGB is always excited to enter potential collaborations with these distinguished parties, marking a significant milestone as it ventures into the Middle East market.
"MGB has much to offer the Middle East market and is proud to be recognized as a key player in IBS precast for property development.
"MGB aims to secure upcoming contracts and expand its order book as we seek to diversify our presence in various markets.
"In Malaysia, the number of homes completed using Precast Concrete Technology has already surpassed 8,000 homes, and we expect to exceed the 10,000 homes threshold by the end of this year," said Lim.
The signing ceremony took place at The Ritz-Carlton Riyadh.
Almqr was represented by its chief executive officer (CEO) Majed Mohammad Al Shalhoob, while Alameriah was represented by its chairman Bandar Mohammed Al Amre.
The signing ceremony was witnessed by Prime Minister Datuk Seri Anwar Ibrahim in the presence of the Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Foreign Affairs Minister Datuk Seri Dr. Zambry Abdul Kadir, and MGB executive director and CEO Datuk Richard Lim Lit Chek.
Prior to the signing ceremony, Lim and MGB's officials had the privilege of meeting with Anwar during his two-day working visit for the Asean-Gulf Cooperation Council (GCC) Summit in Riyadh.
Almqr was established by Royal Decree to serve as the investment arm of the Municipality of Medina, aiming to build urban developments and create a vibrant environment that enhances the quality of life.
Meanwhile, Alameriah, a renowned developer in Saudi Arabia, is primarily involved in general construction activities, real estate development, infrastructure, construction of non-residential buildings, utility projects, and the manufacturing of precast concrete products.