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MALAYSIAN construction firm MMC Corp said the Saudi government had terminated the rights of its joint venture with Saudi Binladin Group to develop the $30-billion Jizan Economic City in Saudi Arabia.
“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 Malaysian local stock exchange filing, without detailing the “difficulties”.
The Saudi Arabian General Investment Authority awarded the project to the joint venture of MMC and the Binladin group in November 2006, and it was 30 per cent complete as of September 2010.
MMC said in 2006 that Jizan Economic City would be Saudi Arabia’s fourth economic city after King Abdullah, Prince Abdul Aziz bin Mousaed and Madinah.
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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