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FINANCIAL NEWS
USD86.6m contract with Al-Radwan terminated: Emaar
31 Jul 2011
(MENAFN) Emaar announced that it terminated its contract with Al-Radwan Contracting Company, reported Arab News.
The termination is regarding a contract signed three years ago for the development of 134 villas in King Abdullah Economic City, valued at USD86.6 million.
Emaar stated that “[Emaar] and the contractor have agreed to terminate this contract, whereby remaining part of the contract will not be executed. This decision has been made after re-evaluating the cost of the project and the cost of City’s other projects and shall not result in any financial burdens on the company”.
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