In a filing with Bursa Malaysia today, Eversendai said the Middle Eastern kingdom’s construction market is showing massive growth in the near future with several lucrative projects in the pipeline.

“The growth is based on a vital society, a thriving economy and an ambitious nation,” it said.

The group feels optimistic about its outlook in the country’s market and has stepped up efforts to strengthen its footing to secure more projects in the future.

Eversendai added that the group is well-positioned to win the highly complex structural steel projects due to its technical capabilities and impressive track record in 18 countries.

“We are in the process of finalising a local partner to spearhead Eversendai’s expansion and growth in Saudi Arabia.

“We are also in the process of establishing a 60,000-tonne annual fabrication capacity factory near Riyadh to support the huge structural steel requirement,” said Eversendai group managing director AK Nathan.

At 2.48pm, Eversendai’s share price was up 0.5 sen or 3.7% at 14 sen, giving it a market capitalisation of RM105.15 million.