KUALA LUMPUR, (Reuters) – Malaysian engineering group Malaysia Mining Corp expects to list its Saudi joint venture by April next year to help fund a $30 billion development in the kingdom, an MMC executive said on Tuesday.
MMC and its partner, the Saudi Binladin Group, won a 30-year contract in late 2006 to build a new city in Saudi Arabia called the Jazan Economic City on 117 square km (45 sq mile) of land on the Red Sea, about 725 km (450 miles) south of Jeddah.
The plans call for an industrial zone, including a port, power and desalination plant and aluminium smelter. Commercial and residential districts are also planned.
“The listing is on track. It will either be in Q4 this year or next year, first quarter,” Hasni Harun, chief executive of MMC’s Malaysia division and a group director, told reporters.