Saturday 23 October 2021

HK group Wai Hung seals Mideast smart parking spaces deal

KUWAIT CITY, March 9, 2021

Hong Kong-based Wai Hung has announced that one of its key subsidiaries, Wai Hung Hong Construction Engineering, has signed a co-operation agreement with Kuwait-based Investment Projects General Trading Company (IPGT) for the construction of nearly 1 million smart parking spaces in nine countries across the Middle East. 
A leading contractor, Wai Hung Group provides fitting-out services and repair and maintenance services in Macau. It primarily covers refitting works for existing buildings and extend to casinos, retail areas, hotels, restaurants, commercial properties and residential properties.
Last September, the Hong Kong group developed the smart garage concept and is now diversifying its businesses globally.
A major regional player, IPGT is principally engaged in the business of infrastructure and high-tech products and systems in the Middle East. 
Its shareholders and members of the executive management include personalities like Sheikh Ali Khalifa Al Sabah, a member of Kuwait's royal family who served as the country's finance minister and oil minister.
Sheikh Ali, who had also held the position of the chairman of the Organization of the Petroleum Exporting Countries (Opec) earlier, has substantial business resources in the Middle East.
As per the deal, the group will provide relevant construction services for the proposed urban property project in the MiddleEast Countries to be developed with IPGT in addition to the smart parking spaces, said the statement from Wai Hung. 
The total contract for the big Middle East project, if materialised fully, could be worth over HK$100 billion ($12.8 billion), it added.
Wai Hung Group Holdings Chairman Li Kam Hung said: "The cooperation deal between our group and IPGT is aimed at fulfilling a long-term objective in building facilities for 1 million smart parking spaces in the Middle East region."
The projects will cover all the Gulf countries besides Egypt, Iraq and Jordan, he noted. 
Under this co-operation agreement, the duo will not entertain requests from any third party for provision of Artificial Intelligence (AI) garage system in the Middle East region for a five-year period, he added.-TradeArabia News Service


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