RIYADH, 9 July 2006 — Al-Suwaiket, one of the largest Middle East construction companies, has secured a procurement agreement for the purchase of 700 new heavy equipment to augment its fleet in infrastructure projects the company executes in the Middle East-North Africa region. The cost of the company’s ongoing projects is estimated at SR5.6 billion.
“The company is executing an array of multi-billion-riyal projects including dams, airports and roads in Saudi Arabia, the Gulf and North Africa. The new purchase contract will further enable Al-Suwaiket to have its stronghold in real estate construction and development industry as the $250-billion market in the Gulf and Saudi Arabia wakes from its lethargy,” said Al-Suwaiket CEO Mubarak Abdullah Al-Suwaiket.
“The new real estate and construction boom in the region brought in new demanding clients requiring top notch quality, higher standards and setting new benchmarks for local and international contractors. The new business climate and requirement invoke major contractors and business leaders to integrate their efforts by either forming sorts of consortiums or merging that can enhance the role of this important sector,” Al-Suwaiket added.
“We elected not only to cope with the market but rather to be ahead for future by signing strategic partnerships with a number of large international contracting companies,” said the CEO.
Al-Suwaiket, a leading construction and contracting conglomerate in Saudi Arabia and the Gulf, is executing several key infrastructure projects, residential towers, roads, airports, oil and gas pipelines and drilling. The company’s main strategic partners are China’s construction giant Xinjiang Construction and Engineering Co., a well known player in the construction of residential towers.