On 11th June, Wu Yanhong, an executive manager of Longxin Saudi Arabia Co, Ltd, and Mr. Mohanmmad Najer Alutaibi, a president of PLASTBAU Company, held a contact signing ceremony which was about a project of northern part of Saudi Arabia Turayf Mosque general contract with its supporting facilities, which marked the first general contract project had been gained by Longxin that had entered Saudi Arabia’s market since 8 years ago, especially in the case that the amount of contract awarding has decreased dramatically. In addition, Shi Jinyuan, the deputy manager of Overseas Company of Longxin and Shen Yunkai, the manager assistant of branch of Saudi Arabia Company attended this ceremony.
A photo of both parties signing the contract
With falling of international oil prices, Saudi Arabia government is confronted with huge financial pressure. In the first quarter of this year, the prospective of contract-issuing of building and transportation project in Saudi Arabia is bleak. From January to the end of March in 2016, the amount of contract of local building and transportation in Saudi Arabia is only $3.1 billion, which decreases by two thirds. On 17th April, the failure of Doha oil-producing countries meeting resulted in much more pressure on oil prices’ falling. Moreover, the situation of Saudi Arabia infrastructure was more serious in the short term. Nevertheless, Longxin overseas company won the bidding with the contract amount 20 million because of our company’s brand and superiority through the fierce competence with others. The success of this bidding demonstrates that Longxin has established the foundation for general contract projects in Saudi Arabia as well as overseas.
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