Tidhar teams with huge Chinese building co

Arye Bachar Photo: Dan Miller
Arye Bachar Photo: Dan Miller

Tidhar will build thousands of homes in Israel worth NIS 1.5 billion together with  CSCEC, one of the world's largest construction companies.

As if in answer to the government's call to Chinese construction companies to do business in Israel, Tidhar Group yesterday announced the signing of a strategic cooperation agreement with China State Construction Engineering Corp. (CSCEC), one of the world's largest construction companies.

Owned by executive chairman Gil Geva, Arye Bachar, and director Mark Weissman, Tidhar is Israel's largest private real estate group and contracting firm. Cooperation will be through CSCEC's China Construction Second Engineering Bureau (CCSEB) subsidiary. Under the agreement, the parties will cooperate in the construction of thousands of housing units in Israel on which construction has already begun, and in other projects with a total value of NIS 1.5 billion.

"Tidhar is a leading real estate and construction company in Israel, and we will cooperate with it in existing and future construction projects. We believe that the cooperation between the companies will contribute to the housing market in particular, and to the construction market in Israel in general," CCSEB VP Wang Weidong said.

Geva added, "We are honored that CCSEB has chosen us as a partner. This is a very significant milestone. An international player on this scale does not enter Israel every day, and we regard this cooperation as a great opportunity for the entire industry and the Israeli economy. We believe that the combination of Chinese technological knowledge and power with Tidhar's engineering, planning, and construction capabilities will be a leading force in lowering construction costs and housing prices in Israel."

CSCEC is rated the top company in the world on the 2016 ENR index of 250 international construction companies, and in 27th place on the 2016 Fortune 500 index. CSCEC had 240,000 employees and a $160 billion business turnover in 2016. The company has built 90% of the towers (defined as a building over 300 meters high) in China, and half of all the towers in the world.

Published by Globes [online], Israel Business News - www.globes-online.com - on February 27, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Arye Bachar Photo: Dan Miller
Arye Bachar Photo: Dan Miller
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