Kuwait’s Combined Group Contracting Company (CGCC) said on Thursday it has made the lowest bid for a road project in the UAE emirate of Ajman with a value of 189.8 million UAE Dirhams ($51.7 million).

In a disclosure bourse statement, CGCC said its UAE subsidiary presented the lowest price in the project to develop Al-Tallah Street in Ajman but that it has not yet been awarded the contract.

The statement said the UAE Energy and Infrastructure Ministry is supervising the project, which should be completed within 540 days.

“We have not yet received any official letter for awarding the contract...the Company will update the Market Authority on any new developments in this respect,” it added.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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