Riyadh-Mubasher: Abdullah A. M. Al-Khodari Sons Co. said on Wednesday that Northern Borders University (NBU) decided not to sign the two previously-awarded contracts valued at SAR 315.26 million, in light of the government directives on closing the 2014/2015 budget to control spending.
The company was earlier awarded two contracts worth SAR 171.20 million and SAR 144.06 million, respectively, to build a general administration building and a business administration college at NBU.
Therefore, the university has asked Albilad Bank to release the SAR 15.5 million guarantee submitted by the company for both projects.
Al-Khodari noted that the cancellations will not have any financial implications.
