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Nass Mechanical gets $8.4m deal
6th September, 2006

Bahrain-based Nass Mechanical, a wholly owned subsidiary of NassCorporation, has secured a contract worth BD3.13 million ($8.38 million) for the fabrication and mechanical erection work for Phase III of the Hidd Privatisation and Desalination Expansion Project.

?Our continuous efforts to deliver high standards of work and meet deadlines have once again confirmed the high regard the industry holds in our capabilities and accomplishments,? said Nass Corporation director Sami Abdulla Nass.

?The signing of this new project adds a yet another facet to our growing portfolio of diverse construction projects across the region.?

The expansion project is expected to be completed by the end of next year, and will include the installation of a 60 MIGD (million imperial gallons per day) desalination plant and its integration with existing assets comprising a 910MW gas turbine based power generator and 30 MIGD of desalinated water production.

Parsons Brinckerhoff have been appointed to provide project management and construction supervision on site.

Hidd Power Company was set up by a consortium of International Power, Suez Energy International and Sumitomo Corporation to acquire and operate the Al Hidd power complex.

Nass Corporation is an industrial and commercial organisation providing construction and contracting solutions for large-scale infrastructure development projects throughout the GCC region.

It comprises four companies and six divisions, which were previously a part of the construction, manufacturing and other related businesses of Nass Group, a family-owned establishment, which celebrated its 40th anniversary in 2004.

Nass Corporation has a paid-up capital of BD20 million ($53 million) and is headquartered in the Kingdom of Bahrain and is listed on Bahrain Stock Exchange. It is 51 per cent owned by its founding shareholders, the Nass family; 24 per cent by a 15-strong group of strategic private and institutional investors from Bahrain, Saudi Arabia, UAE and Oman. Twenty-five per cent of shares are held by public investors.

The creation of Nass Corporation in 2005 represents the first regional family-owned conglomerate operating in the construction sector to go public and the largest Initial Public Offering (IPO) to have taken place in Bahrain in eight years. TradeArabia News Service

Release link:  http://www.tradearabia.com/tanews/
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