Gunung Capital enters MOU to bid for bus transit system in Riyadh

KUALA LUMPUR, July 6 (Bernama) -- Gunung Capital Bhd has entered into a Memorandum of Understanding (MOU) with a Saudi Arabia company to jointly bid for a comprehensive bus transit system in Riyadh, Saudi Arabia. Gunung Capital said it will undertake the project with Mohammad Abdulaziz Al-Habib & Sons Holding Company (Al-Habib Holding) and will jointly enter the prequalification tendering stage of the project. The MoU formalised the basis for entering via Al-Habib Holding or one of its nominated subsidiaries the prequalification tendering stage in the project, Gunung Capital said in a filing with Bursa Malaysia (Stock Exchange). Al-Habib Holding is primarily involved in the business of transportation, healthcare, real estate, education, precast building material and pharmaceutical sectors in Saudi Arabia. The High Commission for the Development of Arriyadh represented by Arriyadh Development Authority (ADA) intends to develop the Arriyadh Comprehensive Bus Transit System that has a total length of approximately 600 km of bus lines in the city of Riyadh. The project will involve the procurement, operation and maintenance of seven Bus Rapid Transit (BRT) lines with a total line network length of 120 km served by standard articulated and XL (bi-articulated or long-articulated buses). It also includes three Circular Lines with a total length of 100 km and 18 Community Lines with a total line network length of 405 km served by standard-articulated buses. The overall number of vehicles for the operations is estimated to be between 650 to 700. The project will commence in 2014 and fully phased over the period to the year 2016. According to Gunung Capital, ADA has specified that the successful bidder or bidders will be contracted for five years with an option to extend for a further five years. -- BERNAMA