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Article: Jabal Omar contract cancellation void: Jadwa.(Jadwa Investment's contract with Jabal Omar Development Co. )
- Article from:
- Saudi Economic Survey
- Article date:
- May 10, 2009
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Saudi investment bank Jadwa Investment has announced that the cancellation of its financing contract by Jabal Omar Development Co was 'void'and it may seek reimbursement for any resulting losses or damages.
Jabal Omar announced earlier that it had terminated the contract with Jadwa, under which the bank was meant to arrange $3.3 billion in financing for a real estate project in the holy city of Makkah. 'Jadwa ... maintains its lawful rights as set forth under the general statute and per the agreement signed with Jabal Omar...' it said in a statement emailed to press.
'Jadwa reserves the rights for reimbursement and indemnification for any losses or ...