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
Saudi Arabia's Jizan Economic City, part of ambitious government development plans, has attracted 25 billion riyals ($6.7 billion) of investment so far, state media said.
Construction of the city in Saudi Arabia's south will begin this mon
Saudi Arabia's Binladin Group and Malaysia's MMC Corp plan to sell 30 percent of a jointly owned developer to the public next year to help finance a $30 billion Saudi city, an executive said on Sunday.
The sale, initially planned for 2007,