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FINANCIAL NEWS
Malaysia group signs USD323m Qatari real estate deal
13 Mar 2015
(MENAFN) A joint venture headed by Malaysian construction firm WCT Holdings has won a USD323 million contract from Lusail Real Estate Development Company, to build roads, utilities and underground car parks in Doha, The Peninsula Qatar reported.
The project was jointly awarded to WCT and Al Ali Projects Company. In a filing with Bursa Malaysia, WCT said its 70:30 Joint Venture with Al Ali Projects Co (WLL) had accepted the contract from Lusail Real Estate Development Company for the whole project.
It said the scope of works for the contract includes construction of the commercial boulevard, main and internal roads, utilities, five small-sized light rail transit stations and four two-level underground car parks.
The works are expected to be completed in the second quarter of 2017. “The contract is expected to contribute positively to the group’s future earnings and net assets,” WCT said.
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