Saturday 4 April 2009

UAE client scraps bln dlr order with SKorean firm

South Korean construction firm Samsung C and T said Friday that a real estate developer in the United Arab Emirates has scrapped a 1.08 billion dollar order.

Samsung said Dubai-based Nakheel cancelled the deal to build apartments, shopping malls and other commercial structures by October 2013.

"The cancellation came via unilateral notification by the contractor," the firm, a unit of South Korea's biggest business group, said in a statement. It declined to give details.

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