MGB wins contract to supply precast elements for Roshn villas
DUBAI, February 11, 2024
MGB, a construction and property development solutions provider and subsidiary of LBS Bina Group, has announced that it has secured a SAR94.5 million ($25.1 million) contract from Sany Alameriah for supply and installation of precast elements for the Roshn Alarous development located north of Jeddah.
This key partnership comes following a contract inked between SA and SALD Industrial Company for the supply and installation of precast elements.
As per the deal, MGB will be supplying precast elements - including walls, staircases, beams and hollow-core slabs - for 400 villas coming up within the Alarous development.
A highly prestigious development, Roshn Alarous extends over 4 million sq m offering more than 18,000 residential units following the completion of all phases.
The first phase of Alarous nicknamed the 'The Bride of the Red Sea' will offer more than 2,200 single family units, as well as pedestrian-friendly streets, green spaces alongside retail, sports and other recreational amenities.
It is being developed by Roshn, a national real estate developer powered by Saudi wealth fund PIF (Public Investment Fund) which has over $700 billion in assets under management.
In its dedication to supporting the Kingdom’s vision 2030, Roshn aims to make available 400,000 homes by 2030, of which 30% will be new housing stock.
According to MGB, these orders are made under the JV agreement signed between its key unit MGB International For Industry (MGBI) and SA signed in July last year, wherein SA will secure a minimum order of 270,000 cu m of precast concrete products within three years.
MGBI expects to complete the orders within 14 months, it stated.
On the Saudi order, MGB Group Executive Chairman Dr Lim Hock San said: "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)," he added.-TradeArabia News Service
