This article first appeared in The Edge Financial Daily on April 16, 2020

KUALA LUMPUR: Serba Dinamik Holdings Bhd has bagged a US$1.78 billion (RM7.71 billion) contract for the engineering, procurement and construction of an innovation hub, academic campus, related facilities and information technology (IT) infrastructure in Abu Dhabi, the United Arab Emirates (UAE).

In an exchange filing yesterday, the firm said its wholly-owned Serba Dinamik International Ltd (SDIL) accepted the letter of award on Sunday from US-based Block 7 Investments LLC for the four-year project, which is set to commence on May 14.

“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 455,000sqm. The innovation hub development will include offices, restaurants, and exhibition and IT centres.

“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 said.

SDIL 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 is expected to contribute positively to SDIL’s financials for the financial year ending Dec 31, 2020.

Serba Dinamik shares rose 14 sen or 9.09% to close at RM1.68 yesterday, with a market capitalisation of RM5.21 billion, after 29.76 million shares were traded.