Article: EGYPT: Joint venture letter of intent for construction of planned $240,000,000 commercial complex, AL-HABTOOR ENGINEERING ENTERPRISES [U.A.E.], INDUSTRIAL CONSTRUCTION ENGINEERING CO. (SIAC) [Egypt], MURRAY & ROBERTS CONTRACTORS (MIDDLE EAST) [South Africa] - Order #: 071101.

PROJECT OVERVIEW:

A group of Egyptian and Saudi investors led by ALEXANDRIA REAL ESTATE INVESTMENT CO. (AREI) recently awarded a letter of intent for the construction of a new commercial complex to an international consortium. The partners in the planned undertaking include the local INDUSTRIAL CONSTRUCTION ENGINEERING CO. (SIAC), AL-HABTOOR ENGINEERING ENTERPRISES of the U.A.E. and MURRAY & ROBERTS CONTRACTORS (MIDDLE EAST) a subsidiary of MURRAY & ROBERTS HOLDINGS LTD. of South Africa.

Subsequent to the completion of an extensive value engineering review the group's original bid of $302,000,000 has now been scaled-back to an upper limit of ...

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