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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