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03 October 2023

Murray & Roberts, Nass JV lose $545m Bahrain deal

By Reuters

A joint venture between South Africa's Murray & Roberts and Bahrain's Nass Corporation has lost a $545 million (Dh2 billion) building deal.

In a regulatory filing yesterday, Nass said Sama Dubai had terminated the contract covering the Salam resort, a luxury beach-front project close to the Bahrain Formula 1 track.

When the project was announced in 2005, Sama Dubai put the project costs at $544.5m.

The Dubai firm did not give a reason for the termination in a letter to the joint venture published on the bourse website.

It is the second Murray & Roberts has lost in as many months. In December, its key Trump Towers Dubai building project was scrapped.

Bahrain until now has not been as badly hit, but the kingdom island is beginning to feel the effects of the crisis as projects financed by banks and developers from the rest of the region are being delayed. Sama Dubai said in November it was considering job cuts and reviewing its project pipeline.

Officials at Sama Dubai, Nass and Murray & Roberts were not available for comment.