A SR10 billion construction and development project, financed by a partnership between the Saudi Samama Group and Kirkland Development of Canada, will compete to extend the Kingdom’s infrastructure over the next five years. The new joint venture would eye projects such as power and water supply, new pipelines, road and bridge construction, and other infrastructural development.
According to Arab News, the Saudi-Canadian partnership agreement was signed by the Chairman and CEO of Samama Group Nasser M. Mutawa and Chairman of Kirkland Development Ellis J. Kirkland and President of Kirkland Capital Abdullah Hashwani. It allocates a 40 percent stake to the Saudi company and 60 percent to the Canadian firm.
“Considering the strength and size of the two companies, this partnership will be one of the largest in construction and development projects in the Kingdom,” Mutawa said.
“Kirkland has helped develop cities with populations of more than three million inhabitants and we hope to do the same in the Kingdom,” said Ellis Kirkland. She pointed out that the Kingdom’s population growth is at par with its financial growth, hence, she said that the new partnership could embark on new mega projects that would benefit the local population.
At present, there are 10 joint venture projects in the Kingdom between Canada and local companies.
Last year, Canadian exports to the Kingdom stood at $338.5 million while its imports from Saudi Arabia during the same period were $669.4 million. (menareport.com)
© 2004 Mena Report (www.menareport.com)
