Trio completes Saudi engineering group formation

Mustang Al-Hejailan Engineering has finalized agreements to merge with Saudi engineering businesses Dar E&C (Dar) and PI-Consult (PI).

Offshore staff

AL KHOBAR, Saudi Arabia -- Mustang Al-Hejailan Engineering has finalized agreements to merge with Saudi engineering businesses Dar E&C (Dar) and PI-Consult (PI).

The new entity, Mustang Al-Hejailan Dar PI (MHDP) will employ around 500 people, forming a leading in-Kingdom engineering and project management services provider.

It will quickly perform work under the general engineering services contract (GES+), awarded by Saudi Aramco earlier this month.

Mustang will be MHDP’s majority shareholder, followed by Dar. The latter, and PI, held gross assets estimated at $14.68 million last December.

Prince Turki A. Abdulrahman, CEO of Dar Group, said: “Following these transactions, Mustang Al Hejailan Dar PI is uniquely placed to benefit from Saudi Aramco's significant investment plans for both onshore and offshore developments over the coming years, as we continue to grow and develop our in-Kingdom engineering and project management capability.”

03/30/2011

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