MRCB in talks for mega project in Saudi Arabia
Posted on | October 3, 2007
By THE STAR
KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) is in talks to build a US$2bil transport and housing development in Saudi Arabia, the company’s biggest overseas project, to tap a construction boom in the Middle East.
“The opportunities are there,” managing director Shahril Ridza Ridzuan said in an interview.
“It’ll take off in a year’s time.” The development would be in Jeddah, Mecca, Medina or Riyadh, he said, declining to name the location.
The company, builder of Malaysia’s biggest bus and rail hub in Kuala Lumpur, plans to export the model to the Middle East, where oil revenue is helping fund US$1tril of building projects, based on JPMorgan Chase & Co estimates.
“It’s a natural thing” to focus on the Middle East, given the wealth in the region, said Mushtaq Ibrahim, who manages about US$1.4bil at Amanah SSCM Asset Management Bhd. “What’s important is that they have a good partner.”
MRCB was in discussions with the Saudi government after submitting a proposal in the second quarter, Shahril said.
The company’s KL Sentral development includes hotels, apartments, shops and the rail and bus terminal.
Office sales from KL Sentral are expected to boost sales to more than RM700mil this year, MRCB’s highest revenue since 1997, and up by a third from last year.
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