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Thursday, March 6, 2008

Zelan wins RM802m job in UAE

A ZELAN Bhd'S wholly-owned subsidiary has been awarded a 925.3 million dirham (RM801.779 million) contract for package 2 of the Meena Plaza construction in Abu Dhabi, United Arab Emirates (UAE).

In a statement, Zelan said Zelan Holdings (M) Sdn Bhd and its joint venture partner Al Ambia Sdn Bhd received the award from Meena Holdings and they have 30 months to complete the project.

The project will not have material impact on the earnings for its financial year ending March 31, 2008 but is expected to contribute positively to future group earnings, it said.

This contract will further enhance Zelan's participation in the construction and infrastructure development of the Gulf region, particularly in the UAE, it added.

The Meena Plaza is the third building construction project for Zelan in the region.

One is the Al-Reem Island project in Abu Dhabi in which it is in a consortium with IJM Construction Sdn Bhd, Sunway Builders Sdn Bhd and LFE Engineering Sdn Bhd.

The other is the Sidra Tower project in Dubai.

Zelan-Al Ambia is a 70:30 joint venture set up to undertake the mixed development project.

Zelan, which has been leveraging successfully on its ability to work as a consortium partner to other international players, also has a significant presence in the infrastructure construction sector in the Gulf region.

Its ongoing projects include two power and water desalination plants in Saudi Arabia.

By Bernama

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