Saudi's Jabal Omar cancels US$ 426 mn contract awarded to Ruwad Civil Construction
Posted on 3rd September 2015
Jabal Omar Development Company, the largest listed real estate developer in Saudi Arabia by market capitalisation, said it has canceled a SR1.6 billion ($426 million) contract awarded to Ruwad Civil Construction.
Ruwad was awarded the contract in July to build the fifth phase of Jabal Omar project in Makkah, according to tradearabia news report.
The move is aimed at giving Ruwad and the project contractor an opportunity to review some of the items and liabilities as per the terms of the contract, said Jabal Omar in a statement to the Saudi bourse, Tadawul.Back to all Construction News
Share this story: