ORLANDO, Fla., Sept. 15, 2010 (GLOBE NEWSWIRE) -- UNR Holdings, Inc. (OTCBB:UNRH) ("UNR" or the "Company"), a housing and commercial construction company which also provides infrastructure construction services for government oil and gas projects in Russia, today announced that the Company has opened its first branch outside Russia in the city of Al Khubar, Saudi Arabia. The Company's Saudi branch will seek to penetrate the construction and infrastructure market of Saudi Arabia by securing new infrastructure and residential construction projects, as well as establishing production of the Company's Prudon-494 road base material.
Saudi Arabia's construction sector is experiencing strong growth due to increased government spending on infrastructure projects and rising demand for housing. According to Saudi Arabia's National Commercial Bank, the country awarded $6.5 billion in construction contracts in the second quarter of 2010, representing an increase of 175% over the first quarter of 2010. The increase was primarily driven by the power sector and residential real estate market. The Saudi Arabian construction industry is expected to grow by 6.4% in 2010 and comprise 10.4% of the nation's GDP.
"Our decision to establish a UNR Holdings branch in Saudi Arabia was based on the Company's research into the fast-growing Saudi infrastructure and residential construction market. We are confident that Saudi infrastructure and construction projects should over time become an important part of our general portfolio of development and infrastructure projects," said Mr. Alexey Kim, Chief Executive Officer of UNR.
About UNR Holdings, Inc.
UNR Holdings is a holding company that has a 68% ownership in its subsidiary, 494 UNR. 494 UNR is a diverse construction company with more than 40 years of success serving the Russian construction market. The Company specializes in general and infrastructure construction services, such as designing and building multi-story apartment buildings for middle and upper middle class families, office buildings, highways, bridges, and production of a road base infrastructure construction product. While UNRH is involved in complex construction projects, the Company also assists the Russian government with infrastructure projects for oil and gas corporations, such as GAZPROM and TRANSNEFT. 494 UNR is one of the oldest and most established construction companies located and operating in Moscow and the Moscow area of the Russian Federation.
More detailed information on the housing projects is available at the UNR Holdings corporate website: http://www.unrhs.com.
Forward-looking statements
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.