Arabtec cancels bid for Saudi's Kingdom Tower
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Arabtec cancels bid for Saudi's Kingdom Tower

Arabtec cancels bid for Saudi's Kingdom Tower

A joint venture comprising Arabtec Construction and Samsung has cancelled a deal worth an estimated $1.5bn (Dhs5.5bn) to build the the 1.1km-tall Kingdom Tower in Saudi Arabia, The National has reported. Tom Barry, chief executive of Arabtec Construction, a unit of Arabtec Holding, said the two firms pulled out due to "various reasons associated with the requirements." The joint venture planned was due to submit its price this month.

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