Dubai – “ASWAQ”
Malaysian building company Maju Holdings is favoured to win a USD200m contract to build houses in Saudi Arabia, according to the Malaysian Chronicle.
If won, it would be the company’s first project outside Malaysia.
Chief executive officer Ravi Manchanda told the newspaper that talks are ongoing but declined to reveal details on the project – although the paper says the contract involves designing and building low-cost and high-end houses.
Maju formed Maju Holdings “Saudi Arabia” in 2009 with Trade House Group Holdings, a Riyadh-based family-owned business.
“We are talking to several big players in Saudi Arabia and in negotiations with them. We hope to sign the deal soon,” Manchanda said.
Maju is one of Malaysia’s largest privately held companies, with interest in construction, property, infrastructure, services and manufacturing businesses.
Other Malaysian companies in Saudi Arabia are MMC and Eversendai.
MMC won the rights to develop and manage the USD30bn Jizan Economic City in 2006, while Eversendai is undertaking structural steel works for several towers there