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Tuesday, April 15, 2008

IJM venture wins RM840m UAE deal

IJM Corp Bhd said its joint venture unit has won an RM840 million contract to build a hotel in Abu Dhabi, United Arab Emirates (UAE).

Tamouh Investments gave the letter of intent for the job to a venture between IJM and LFE Corp Bhd. IJM holds 70 per cent of the venture while LFE holds the rest, IJM said in a statement to Bursa Malaysia yesterday.

The job is for the first phase of Plot 1 Zone E2 Hotel Development on Al Reem Island, Abu Dhabi.

The venture must start foundation and basement works on today, pending agreement on the terms of the contract.

By New Straits Times

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