Murray & Roberts-Nass JV loses $545m Bahrain Deal

DUBAI - A joint venture between South Africa’s Murray & Roberts and Bahrain’s Nass Corp has lost a $545 million building deal, the latest sign the Gulf is struggling to cope with the economic downturn.

By Reuters

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Published: Thu 22 Jan 2009, 1:16 AM

Last updated: Thu 2 Apr 2015, 4:30 AM

In a regulatory filing on Tuesday, Nass said Sama Dubai had terminated the contract covering the Salam resort, a luxury beach-front project close to the Bahrain Formula 1 track.

When the project was announced in 2005, Sama Dubai put the project costs at Dh2 billion($544.5 million).

The Dubai firm did not give a reason for the termination in a letter to the joint venture published on the bourse web site.

It is the latest in a string of projects to be cancelled or delayed in the Gulf Arab region and the second Murray & Roberts has lost in as many months.

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