Riyadh – Mubasher: Abdullah Abdul Mohsen Al Khodari Sons announced that total contract value is SAR 7.85 billion ($2.07 billion) by the end of 2016.
The company noted that total value of the uncompleted work amounts to SAR 2.85 billion ($760.53 million) and the value of the delayed work reached SAR 312.7 million ($83.4 million), according to a bourse filing on Thursday.
Al Khodari reasoned the delays to delay in issuance of visas and/or issuance in numbers far below those in client support letters, adding to the delay in appointing the consultant, reviewing/processing the invoices and paying the approved invoices.
Moreover, design changes, delay in approving variation orders and stoppage of work by the clients due to insufficient liquidity and/or reprioritizing projects contributed to delaying the works, the statement said.
