KUALA LUMPUR: MGB Bhd's indirect wholly owned unit MGB International for Industry (MGBI) has bagged two purchase orders worth 94.5 million riyals (RM119.55 million) to supply and install precast elements for 400 villas in Jeddah.
The order came from Saudi Arabia-based Sany Alameriah Industrial (SA).
In a statement, the company said this is in relation to a contract signed between SA and SALD Industrial Company for the supply and installation of precast elements.
According to MGB, these elements include walls, staircases, beams, and hollow-core slabs (HCS) for 400 villas in the ROSHN Alarous development located north of Jeddah.
These orders are made under the joint venture agreement signed between MGBI and SA on July 27, 2023, wherein SA will secure a minimum order of 270,000 m³ of precast concrete products within three years.
MGBI expects to complete the orders within 14 months from the date it receives the approved shop drawing or advance payment whichever is later.
Commenting on the order, MGB group executive chairman Tan Sri Ir Dr Lim Hock San said this order represents the progress MGB has made in expanding its brand internationally.
"By firmly establishing ourselves in Jeddah, KSA, we look forward to delivering quality workmanship and products to our clients. "At the same time, we continue to seek opportunities to promote our expertise as a total construction solutions provider through the use of Value Driven Technology (VaDTech). "We also like to thank Sany Alameriah for their support and partnership in our joint venture thus far," he added.
The ROSHN Alarous is a highly prestigious development that extends over four million square metres and will offer more than 18,000 residential units once all phases have been fully developed.
The first phase of Alarous nicknamed the "The Bride of the Red Sea", will offer more than 2,200 single family units, as well as pedestrian-friendly streets, green spaces alongside retail, sports and other recreational amenities.
ROSHN is a national real estate developer that is backed by the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia.
The PIF is the Kingdom's sovereign wealth fund, which is among the largest sovereign wealth funds in the world with over US$700 billion in assets under management.
In its dedication to supporting the Kingdom's vision 2030, ROSHN aims to make available 400,000 homes by 2030, of which 30 per cent will be new housing stock.