Webuild says Neom terminates contract in Saudi Arabia
25/03/2026 13:45
March 25 (Reuters) - Saudi Arabia's high-tech Neom development has terminated Webuild's WBD.MI contract for a system of three dams, Italy's largest construction company said on Wednesday. The termination will become effective on March 29. The works are around 30% complete, with a remaining project backlog for Webuild of around 2.8 billion euros ($3.3 billion). The project aimed to create a 2.8-km-long lake in a desert area as part of Trojena mountain resort's development plans ahead of the 2029 Asian Winter Games Webuild won the contract, worth a total of $4.7 billion, in January 2024 It says Neom also terminated contracts with other contractors in the area Webuild says the group is unharmed by the termination Its construction backlog, net of residual activities related to the contract, remains at more than 50 billion euros The overall project was expected to employ 10,000 people directly and indirectly ($1 = 0.8628 euros) (Reporting by Anna Uras in Gdansk, editing by Milla Nissi-Prussak) ((Anna.Uras@thomsonreuters.com))