Nakheel cancelled billion dollar order with S. Korean firm

SEOUL - South Korean construction firm Samsung C and T said on Friday that a real estate developer in the United Arab Emirates has scrapped a 1.08 billion dollar order.

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By (AFP)

Published: Fri 3 Apr 2009, 2:56 PM

Last updated: Sun 5 Apr 2015, 9:27 PM

Samsung said Dubai-based Nakheel cancelled the deal to build apartments, shopping malls and other commercial structures by October 2013.

“The cancellation came via unilateral notification by the contractor,” the firm, a unit of South Korea’s biggest business group, said in a statement.

The move is the second time in recent weeks that South Korean firms have seen a big Middle Eastern order cancelled.

Last month companies involved in deals worth a total of 6.3 billion dollars to build a refinery in Kuwait said they were told the contract had been scrapped.

(AFP)

Published: Fri 3 Apr 2009, 2:56 PM

Last updated: Sun 5 Apr 2015, 9:27 PM

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