KUALA LUMPUR: MGB Bhd has entered into a memorandum of understanding (MoU) with Almqr Development Co and Alameriah Real Estate Development Company to explore investment opportunities in Medina in Saudi Arabia.

In a filing with Bursa Malaysia, the construction group said the collaboration would relate to pioneering, innovative, and distinctive projects, and other projects that have a developmental and social goals, subject to the terms and conditions in the MoU.

The MoU is effective from Oct 21, 2023 for a period of 12 months.

“The MoU represents an opportunity for MGB to explore potential business opportunities in the Kingdom of Saudi Arabia and perform collaboration and co-operation with both Almqr and Alameriah,” said MGB.