PETALING JAYA: MGB Bhd, a construction and property development solutions provider and a listed subsidiary of LBS Bina Group Bhd, has signed a tripartite memorandum of understanding (MoU) with Almqr Development Co and Alameriah Real Estate Development Company to explore opportunities in Saudi Arabia.
Almqr was established by royal decree to serve as the investment arm of the Municipality of Medina, aiming to build urban developments and create a vibrant environment that enhances the quality of life. Alameriah, a renowned developer in Saudi Arabia, is primarily involved in general construction activities, real estate development, infrastructure, construction of non-residential buildings, utility projects and the manufacturing of precast concrete products.
Pursuant to the MoU, Almqr intends to engage Alameriah and MGB as specialists in development, design and build, manufacturing of precast concrete and project management, with the financial and technical capabilities to carry out pioneering projects. The parties aim to explore investment opportunities in the Al Madinah Al Munawwarah region of Saudi Arabia.
MGB executive vice-chairman Tan Sri Lim Hock San, Almqr CEO Majed Mohammad Al Shalhoob and Alameriah chairman Bandar Mohammed Al Amre signed the MoU on behalf of their companies.
The signing ceremony, held in Riyadh, was witnessed by Prime Minister Datuk Seri Anwar Ibrahim, in the presence of Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Foreign Affairs Minister Datuk Seri Zambry Abdul Kadir and MGB executive director and CEO Datuk Richard Lim Lit Chek.
Lim Hock San said, “We look forward to exploring the synergies that this collaboration will bring. MGB will leverage its extensive experience in providing end-to-end construction services, including design and build, project management, value engineering, construction, infrastructure development, and property development, to uncover potential opportunities under the MoU together with the other parties.
“Our precast concrete factories in Malaysia currently have the capacity to produce up to 100,000 cubic metres annually, and the experience we have accumulated and refined over the past several years will be crucial for our success in this collaboration. Additionally, MGB currently operates a precast concrete manufacturing factory located in Jeddah that has a capacity of 300,000 cubic metres a year.”
He said MGB has much to offer the Middle East market and is proud to be recognised as a key player in Industrialised Building System precast for property development.
“MGB aims to secure upcoming contracts and expand its order book as we seek to diversify our presence in various markets. In Malaysia, the number of homes completed using precast concrete technology has already surpassed 8,000, and we expect to exceed the 10,000 homes threshold by the end of this year,” he added.