Jul 31 2011 |
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Saudi Emaar EC Terminates SAR325M Contract With Al-Radwan
Sunday, Jul 31, 2011
(This item was originally published Saturday.)
RIYADH (Zawya Dow Jones)--Saudi Arabia-based Emaar The Economic City (4220.SA), or EEC, said Saturday it has terminated a 325 million Saudi riyal ($86.7 million) contract signed in 2008 with Al-Radwan Contracting Co. for the construction of 134 villas in King Abdullah Economic City.
Al-Radwan has completed the construction of certain structural frames and foundations of the project and EEC has paid an amount of SAR56.8 million against the contract, the affiliate of Dubai-based developer Emaar Properties PJSC (EMAAR.DFM), said in a statement posted on the Saudi bourse website.
The company did not immediately respond to calls requesting comment.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
31-07-11 0347GMT
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