Financially-troubled Saudi Arabian contractor Mohammad Al Mojil Group (MMG) has inked a five-year memorandum of understanding (MoU) to partner with South Korea-based GSK Engineering & Construction for new projects, effective as of September 1.
Both partners are eyeing new medium and large-scale investments in the kingdom, such as the Riyadh and Jeddah metro projects, MMG said in a statement to Tadawul.
For MMG, the MoU aims to boost its competitiveness in the Saudi market by giving it access to new projects so it can rebalance its financial position, Hafiz Shafei, the company’s chief executive said.
“This alliance comes in time where MMG is recovering and making progress on employee related issues like work permit and Iqama renewal, regularization of salary payments and claim collection,” he added.
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