Eversendai boosts presence in W. Asia with RM125m Qatar contract - March 14, 2005 (The Star)

Local structural steel specialist Shin-Eversendai Engineering (M) Sdn. Bhd. has secured a RM125 million contract for works on the Qatar Science and Technology Park in the United Arab Emirates (U.A.E).

Managing director Dato' A.K. Nathan said the contract was awarded last week, and the company expects to complete its task within 11 months.

The company will be in charge of constructing the steel-based structure for the project.

So far, Eversendai has secured three contracts from West Asia this year worth some RM220 million.

Last month, Eversendai won a RM53.3 million structural steel subcontract for the RM250 million Rose Tower project in Dubai and then secured a RM40 million project earlier this month to help build Dubai Festival City Project.

“The West Asia area, especially the UAE countries like Dubai and Qatar, are currently going through a massive development phase, and that is why there are abundant opportunities for construction companies like us there.

“Looking at the present climate in the area, we are optimistic of securing more projects there this year,” Nathan told Business Times in Kuala Lumpur.

The Qatar Sci.& Tech. Park, to be operational in 2006, aims to be the West Asian hub for research and commercialisation.

Multinational companies such as EADS, ExxonMobil, Microsoft, Shell and Total have announced their participation in the park.

Nathan said Eversendai has RM455 million worth of contracts in hand, which will provide a steady revenue steam for the company for the next two years. He added that 65 per cent of these projects are in Dubai and Qatar.

“We are also looking at expanding our wings to other potential areas such as India,” he said.

Eversendai, which is a 30 per cent unit of IJM Corp, is involved mainly in structural design, engineering, fabrication and erection of steel works, precast panel, roofing and wall cladding installation, mechanical and piping and equipment erection works.

It is also involved in turnkey structural steel construction for high-rise buildings, heavy industrial plants, stadiums, steel bridges, airports and infrastructure projects.

Among its landmark projects are the Burj al Arab Hotel in Dubai, Kingdom Trade Centre in Saudi Arabia, Emirates Office & Hotel Tower in Dubai, KL Sentral, KL Tower and KLIA main terminal building.

The company recorded a revenue of RM180 million in the last financial year ended December 31 2004. It expects to see between 50 and 100 per cent revenue growth this year.