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MWL reconsidering partnership deal with construction company

Jeddah  , 12th Apr 2001

   The Muslim World League is considering cancellation of a construction contract with a national company for a project close to the Haram area in Makkah.  The MWL will reconsider the SR360 million contract with Al-Mehaisni Development and Investment Company to construct a 4,000-square meter residential and commercial complex at Al-Shobaika in the holy city.

The problem springs from lack of any precise time frame for the beginning and completion of the construction work.  It is also alleged that Al-Mehaisni charged the MWL a higher price than the market value for the land. The value of the land for Al-Shobaika project is SR182 million while the land value for two similar projects totaled SR189 million.

Al-Shobaika project is the last of three MWL contracts with Al-Mehaisni at a total value of SR720 million. The cooperation between the company and MWL began a year ago with the construction of a project in Ajyad, close to the Grand Mosque.

According to Medhat Mansour, an official of the Al-Mehaisni, reports of disagreements with MWL, whose share in the project is under 50 percent, are baseless.  He pointed out that it is natural to have differences in opinion which do not mean cancellation of either the contract or the partnership.

Mansour challenged those who accused the company of charging exorbitant prices for the land to produce evidence to support their allegations. He said MWL became a partner in the Shobaika project only after the company purchased a piece of land in the area.

Hassan Al-Ahadal, the official in charge of investments in MWL, made no comment beyond saying that an important meeting would soon be held to discuss the future of the partnership. 


Source: Arab News

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12 April 2001 04:30:10 PM

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