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New Delhi, Nov. 10 Punj Lloyd Group, the engineering, procurement and construction conglomerate, on Monday announced a joint venture between its wholly-owned subsidiary Sembawang Engineers and Constructors Pte Ltd (Sembawang) and Dayim Al-Haditha (Dayim).

Punj Lloyd subsidiary (Sembawang) will have 49 per cent stake and Dayim will have 51 per cent stake in the joint venture.

Dayim Sembawang Engineering LLC will offer expertise and services in infrastructure projects such as hotels, hospitals, high-spec residential and commercial towers and retail developments within Saudi Arabia.

The jointly-owned company is proposed to be incorporated under the name “Dayim-Sembawang Engineering LLC” with a share capital of Saudi Riyals 2,000,000 (consisting of 100,000 shares of Saudi Riyals 20 each).

Dayim is promoted by Prince Khalid Bin Bandar Bin Sultan for partnership and investment.

Speaking on the joint venture, Mr Atul Punj, Chairman Punj Lloyd Group said, “With our first joint venture (with another Dayim company), we have been able to establish our presence in the country. Now we are looking at opportunities to further expand our building and infrastructure operations.”

The proposed venture with Dayim Al-Haditha will enhance Sembawang and Dayim’s operational and service capabilities, he further added.

Prince Khalid said, “During the next five to ten years, over $500 billion construction projects are planned in Saudi Arabia, and the majority of these are critical to the country’s future prosperity and development.”

Dayim was established as a vehicle for investment and partnership in Saudi Arabia. Dayim is active in a number of sectors including construction, security, financial services and real estate.

More Stories on : Alliances & Joint Ventures | Engineering

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