(Yicai) Jan. 12 -- Shares of Techand Ecology and Environment jumped by the exchange-imposed daily trading limit after the Chinese contractor of ecological and landscape projects won a bid for a high-end residential project in Dubai, its first ever overseas.

Techand [SHE: 300197] was trading up 20 percent at CNY2.34 (33 US cents) as of 1.45 p.m. in Shenzhen today.

Techand’s unit in the Middle East has become the general contractor of the Keturah Resort Creekside Residential Construction and Landscape Engineering project after placing the winning bid of between AED2.6 billion and AED2.8 billion (USD707.9 million and USD762.3 million), the Shenzhen-based parent company announced yesterday.

The unit will provide various services, including engineering design, construction, equipment procurement, installation, and landscape and supporting infrastructure construction, Techand noted, adding that the project construction period is expected to be three years.

The owner of the project is Dubai-based MAG Group Holding. Techand and MAG held an award letter signing ceremony for the project on Jan. 10, Dubai time.

Techand and MAG also inked a deepening cooperation agreement to join hands on more projects in the Middle East. Potential projects include wastewater treatment, clean energy, and green seedling supply, aiming to achieve a total value of AED10 billion (USD2.7 billion) by the end of next year.

Editor: Futura Costaglione