Shin Eversendai wins RM40m Dubai contract

SHIN Eversendai Engineering (M) Sdn Bhd, a 30 per cent unit of IJM Corp Bhd, won a contract worth RM40 million to help in the construction process of the Dubai Festival City Project (DFC) in United Arab Emirates (UAE).

IJM, the country’s fourth largest construction company, is 20.4 per cent owned by Tronoh Consolidated Malaysia Bhd, an investment holding firm controlled by Tan Sri Syed Mokhtar Albukhary.

Eversendai’s managing director Datuk AK Nathan, speaking from Dubai in a telephone interview with Mail Money, said although the initial contract value is RM40 million, it could go up to as much as RM80 million, if additional scope of works are added on during the construction process.

The contract was awarded to Eversendai last week by the Al Futtaim-Carillion joint-venture.

“We are talking to bankers in Dubai for project financing,” said Nathan.

The DFC project will be developed on 650ha piece of land along a 3.8km stretch on the banks of the Dubai Creek, one of the world’s oldest seaports, located just 2km from Dubai International Airport.

Comprising 15 distinct development zones, it is West Asia’s largest, privately-funded, mixed-use, real estate project.

Nathan said, Eversendai's scope of works will include connection design, supply of materials, shop drawings, fabrication and erection works.

Last month, Eversendai won a RM53.3 million structural steel sub contract for the RM250 million Rose Tower project in Dubai, from Kuwait’s Arabian Construction Company WLL.

The project, which will be financed by a private bank, includes the connection design, supply of materials, detail shop drawing, fabrication and erection of structural steel works for the 72-storey apartment tower job.

“We have submitted bids for other building and structural jobs in Dubai and Qatar worth some RM200 million.

“We are confident we will receive more contracts this year,” said Nathan.