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Arabtec Drops Bid to Build Tower in Saudi Arabia

2010-04-18

(Bloomberg) -- Arabtec Construction of Dubai and its South Korean partner Samsung Corp. decided not to bid for a contract to build a 1.1 kilometer (0.68-mile) skyscraper in Saudi Arabia for about $1.5 billion, The National reported, citing Arabtec’s chief executive.  The unit of Arabtec Holding PJSC, the largest builder in the United Arab Emirates, had planned to submit a proposal for Kingdom Tower this month and withdrew for “various reasons associated with the requirements,” Tom Barry said, according to the daily newspaper. “We couldn’t comply, so we decided not to bid.”


 

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