Business News

Wednesday, 11 January 2017

Muhibbah unit wins RM438mil contract in Qatar

PETALING JAYA: Muhibbah Engineering (M) Bhd’s unit has won a RM438.1mil contract to undertake the construction of road and infrastructure works at a special economic zone in Qatar.

In its filings with Bursa Malaysia, the contruction group said its 49%-owned Muhibbah Engineering Middle East LLC had on Monday formalised a contract with the Economic Zones Company of Qatar (Manateq) for the works at Um Alhoul Economic Zone (QEZ-3) Phase 2.1 (Portion 2A, Marine Cluster) for a total contract price of 356.7 million Qatari riyal, or RM438.1mil.

“The construction works for the project commenced immediately and are expected to be completed by the second quarter of 2018,” it said.

“The contract is expected to contribute positively to the earnings and net assets of the Muhibbah Group for the current and future financial years,” it added.

Manateq was established by the Minister of Business and Trade of the State of Qatar and is owned by the Qatari Government. It is the leading developer and operator of specialised economic zones, logistics parks and warehousing parks in Qatar.

Tags / Keywords: Palm Oil , Muhibbah Engineering , Qatar

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