MGB has secured its second main contract in Saudi Arabia, awarded directly by ROSHN Group Company for the Marafy Al Arous Development project in Jeddah. The contract is valued at approximately SAR32.98m (RM34.76m) and involves construction and engineering works for 75 villa units, scheduled to commence from April 2026 and complete in eight months.
MGB
This follows MGB’s first main contract in Kingdom of Saudi Arabia (KSA) (SAR400m) from Beetah Real Estate Company in Nov 2025, and several other contracts, bringing its total contract secured value in the Kingdom to SAR613.3m.
This award, in our view, will further strengthen MGB track record in the Middle East and expand its presence under Saudi Vision 2030. All told, we maintain our earnings forecast as this makes up a part of our FY26 orderbook replenishment assumption of RM800m. We retain our Outperform call with an unchanged SOTP-derived TP of RM0.78.
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