RIYADH: Singapore-based construction giant Sembawang Engineers and Constructors has entered into a joint venture with Dayim Al-Haditha of Saudi Arabia to handle major infrastructure projects, including hotels and hospitals.
Sembawang Engineers, a wholly owned subsidiary of Punj Lloyd Group, yesterday announced the formation of this joint venture with Dayim, a Saudi company promoted by Prince Khalid Bin Bandar Bin Sultan for partnership and investment.
Speaking on this occasion, Prince Khalid said: “Saudi Arabia is in the midst of an unprecedented boom in infrastructure investment, and during the next five to 10 years over $500 billion of construction projects are planned in Saudi Arabia and the majority of these are critical to the country’s future prosperity and development.”
In the joint venture, Punj Lloyd unit will hold a 49-percent stake while Dayim will hold 51 percent. The jointly-owned company is proposed to be incorporated under the name “Dayim-Sembawang Engineering, LLC” with a working capital of SR2 million (100,000 shares at SR20 apiece).
Speaking on this occasion, Atul Punj, chairman of Punj Lloyd Group, said: “With our first joint venture with Prince Khalid we have been able to establish our presence in the country and now we are looking at opportunities to further expand our building and infrastructure operations in the region.”
Punj Lloyd is a globally diversified services and development specialist, with interests in engineering, construction, aviation, defense and marine sectors. The group is known for its capabilities in delivering mega projects on time, thereby ensuring repeat customers.
Dayim was established as a vehicle for investment and partnership in the rapid growth environment of modern Saudi Arabia.
It operates and manages its companies in sectors with above average market growth potential using a combination of joint venturing, investment and strategic partnership.