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Saudi cancels Binladin, MMC JV deal to develop $30bn Jizan Economic City
- Saudi Arabia: Tuesday, April 09 - 2013 at 01:23
The Saudi government has terminated the rights of Saudi Binladin Group and its Malaysian JV partner MMC Corp to develop the $30bn Jizan Economic City, Reuters has reported. "The termination was as a result of circumstances which gave rise to several difficulties that interrupted the progress of the project," MMC said in a local stock exchange filing, without detailing the "difficulties." The Saudi Arabian General Investment Authority awarded the project to the joint venture in November 2006. The project, 725 km south of Jeddah by the Red Sea, encompasses industrial and non-industrial zones on a site measuring approximately 117 sq km to be developed over 30 years.
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