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Malaysia's MMC Aims to List Saudi Unit by Q1 2009 - ASHARQ AL-AWSAT English Archive
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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.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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