Kharafi awarded $930m in damages for Libyan project cancellation

Kuwaiti group M A Kharafi and Sons has been awarded $930m in damages in arbitration proceedings via the Arab League from Libya for the cancellation by former leader Muammar Gaddafi's of the construction of a vacation resort, Reuters has reported. The Kuwaiti group signed a contract in 2006 with late leader Gaddafi's government to build the resort in Tripoli, which would have included hotel accommodation, villas and a shopping mall. The company said it spent money on feasibility studies, design and management contracts up until 2010, when Libya cancelled the deal.

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