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Thursday, January 3, 2008

Muhibbah gets RM196m job in Syria

Construction group Muhibbah Engineering (M) Bhd clinched a RM196 million contract in Syria, its third job in the Middle East, and the company expects more to come.

The latest deal is to upgrade the existing passenger terminal building, road, car parks and parking apron at the Damascus International Airport.

"This is our third win in the Middle East. The region will be our biggest growth area going forward," Muhibbah group chief financial controller Shirleen Lee told Business Times in a telephone interview.

Muhibbah, which also builds ships and cranes, will bid for more jobs in the cash-rich Gulf countries.

"We are eyeing all types of infrastructure construction works in the cash-rich region. With the oil price surging, the respective governments are investing in infrastructure projects," she said.

Muhibbah is due to start work on the Syrian project immediately after signing the agreement with the government in the current quarter.

Lee said it will take Muhibbah a year to complete the project, which will be funded by Malaysia's Exim Bank.

She also said that the project will contribute positively to the group's earnings in the current financial year ending December 31 2008.

Muhibbah has orders worth RM4.7 billion now.

By New Straits Times - Business Times(by Sharen Kaur)

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