MGB Berhad (“MGB”), a leading construction and property development solutions provider, has announced that the company’s subsidiary, MGB International For Industry (“MGBI”) has received two Purchase Orders totaling approximately SAR 94.5 million (RM 119.5 million) from Sany Alameriah (“SA”). These orders are for the supply and installation of precast elements for 400 villas in the prestigious ROSHN Alarous development, situated in the northern region of Jeddah.
Under the Joint Venture Agreement signed earlier in July 2023, MGBI and SA committed to a minimum order of 270,000 cubic meters of precast concrete products over three years. The ROSHN Alarous development is an expansive project spanning over 4 million square meters, offering more than 18,000 residential units upon completion. The initial phase, known as “The Bride of the Red Sea,” will feature over 2,200 single-family units, complemented by pedestrian-friendly streets, green spaces, and various amenities.
ROSHN, the developer behind the project, is supported by the Kingdom of Saudi Arabia’s Public Investment Fund (PIF), one of the world’s largest sovereign wealth funds. With a vision to align with the Kingdom’s Vision 2030, ROSHN aims to provide 400,000 homes by the end of the decade, with 30% comprising new housing stock.
MGB, Group Executive Chairman, Tan Sri Ir (Dr) Lim Hock San, expressed his excitement about the contract, emphasising the company’s commitment to delivering quality workmanship and products to clients. He also highlighted MGB’s dedication to leveraging Value Driven Technology (VaDTech) to enhance construction solutions.
“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,” remarked Tan Sri Ir (Dr) Lim Hock San.
