NEOM Terminates Webuild High Speed Rail Contract
Saudi Arabia has ended Webuild's contract for the Connector High-Speed Line project in Tabuk effective May 27. The Italian firm reports a remaining project backlog of 1 billion euros and expects full reimbursement for costs incurred.
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Webuild will exit its contract for the Connector High-Speed Line in Saudi Arabia following a termination notice from NEOM. The project in Tabuk was 20% complete, representing approximately 1 billion euros ($1.16 billion) in remaining backlog. The move ends Webuild's relationship with the $500 billion mega-project.
