MMC Corporation Bhd has signed a memorandum of understanding with its Saudi counterparts for the development of an industrial port at Jizan City. MMC said on Wednesday that it had signed the MoU with Saudi Binladin Group (SBG) and Jizan Economic City Land Ltd - a JV between MMC Saudi Holdings and SBG - to jointly explore the business in respect of the development of the port. MMC also said its unit, together with SBG and Chalco Hong Kong Ltd, had signed a letter of intent with CPI Power Engineering Co. Ltd to enter into negotiations over power supply to an aluminum smelter at the Jizan Economic City. The contract would involve the design, engineering, procurement, supply, installation, construction, commissioning, startup, and testing of a 2,400MW captive power plant.
