31 July 2011
JEDDAH - Emaar the Economic City announced in a statement posted on Tadawul website that it has terminated a contract with Al-Radwan Contracting Company.
Emaar, on Dec. 29, 2008, signed a SR325 million contract with Al-Radwan for the construction of 134 villas in King Abdullah Economic City. To date, the contractor has completed the construction of certain structural frames and foundations of the project and the company has paid an amount of SR56.8 million against the contract, the statement added.
The company and the contractor have agreed to terminate the contract, in which the remaining part of the contract will not be executed, it added.
The decision has been made after re-evaluating the cost of the project and the cost of City's other projects, statement said.
JEDDAH - Emaar the Economic City announced in a statement posted on Tadawul website that it has terminated a contract with Al-Radwan Contracting Company.
Emaar, on Dec. 29, 2008, signed a SR325 million contract with Al-Radwan for the construction of 134 villas in King Abdullah Economic City. To date, the contractor has completed the construction of certain structural frames and foundations of the project and the company has paid an amount of SR56.8 million against the contract, the statement added.
The company and the contractor have agreed to terminate the contract, in which the remaining part of the contract will not be executed, it added.
The decision has been made after re-evaluating the cost of the project and the cost of City's other projects, statement said.
© The Saudi Gazette 2011
