Malaysia’s Serba Dinamik wins $1.8 billion UAE project agreement
Malaysian group Serba Dinamik Holdings has secured a engineering, procurement, and construction (EPC) services contract of $1.8 billion from U.S.-based Block 7 Investments for an innovation hub and academic campus besides related facilities and information technology (IT) infrastructure in Abu Dhabi, UAE, Trade Arabia reported on Thursday.
The four-year project shall cover three areas of interest namely the innovation hub, academic campus and accommodation comprising apartments and hotels, over a total built-up area of 455,000 square metres, said the company in its filing to Bursa Malaysia.
The innovation hub development will include offices, restaurants, and exhibition and IT centres. Work is set to start on the Abu Dhabi project on May 14, it added.
Serba Dinamik said the project shall cover three areas of interest namely the innovation hub, academic campus and accommodation comprising apartments and hotels, over a total built-up area of 455,000 sq m.
The innovation hub development will include offices, restaurants, and exhibition and IT centres, it stated.
“The project forms part of Block 7’s initiatives to create a global incubator for the advancement of innovators for the technology, property, financial as well as energy sectors, to be positioned as a new landmark for Abu Dhabi,” it added.
A major player in the Asian region, Serba Dinamiks main business is in operations and maintenance (O&M), and EPCC besides IT solutions and education and training.
It has operational offices in Malaysia, Indonesia, UAE, Bahrain, Qatar, Singapore, India and UK. Serba Dinamik Holdings is an investment holding company and is principally involved in the provision of management services.
Serba Dinamik said, the scope of work includes but is not limited to designing, engineering, procuring, supervising, managing, supplying, transporting, constructing, commissioning, and the remedying of any defects in connection with the project.
The award will not have any effect on the issued share capital and the shareholdings of the substantial investors, said the company in its bourse filing.
It is expected to contribute positively to Serba Dinamik’s financials for the financial year ending Dec 31, 2020, it added.
