Saudi developer Emaar Economic City , which got a $1.33 billion loan from the government in May to speed up construction, has terminated a contract to build 134 villas in the King Abdullah Economic City development.
Emaar Economic City, affiliated to Dubai developer Emaar Properties , ended the contract with Al-Radwan Contracting, Emaar said in a statement on the Dubai bourse on Monday.
'The termination of the construction contract is in normal course of business where re-evaluation of project feasibilities in view of constantly changing business environment do require amendment/termination of construction contracts,' the company said.
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