Construction giant says $528m deal cancelled

Murray & Roberts Holdings has announced to shareholders its joint venture construction contract for the $1.6bn Tameer Towers project in Abu Dhabi has been terminated.

The group said its 33 percent share of the contract was worth about $528m, of which about $9.5m related to the remainder of the current financial year.

Murray & Roberts Middle East was working on the project with the local Al-Habtoor Engineering Enterprises and Saudi Arabia's Al-Rahji Construction.