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FinancialNews


  • 07-09-11

    Emaar terminates contract with Al-Radwan

    (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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