RIYADH – Saudi Arabia-based Emaar The Economic City, or EEC, said on Saturday it has terminated a SR325 million ($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 SR56.8 million against the contract, the affiliate of Dubai-based developer Emaar Properties PJSC, said in a statement posted on the Saudi bourse website.
The real-estate company, which is tasked with developing the $27 billion King Abdullah Economic City on Saudi Arabia’s Red Sea coast, has previously canceled a number of contracts for the city including a SR1.4 billion contract with contractor Saudi Binladin Group. The company did not immediately respond to calls requesting comment. More info