RIYADH: Emaar the Economic City has announced the termination of a contract with Al-Radwan Contracting Company, the Tadawul website announced on Saturday.
This is in reference to the announcement made by Emaar the Economic City on Dec. 29, 2008, regarding the signing of a SR325 million contract with Al-Radwan Contracting Company 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 paid SR56.8 million against the contract.
"The company 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," the website added.
© Arab News 2011
