Drake & Scull International, a Dubai-based company, denied reports about an ongoing legal case filed by Saudi Arabian company Lamar Investment and Real Estate, according to Gulf Business, citing a bourse filing.
The Saudi Gazette cited officials at Lamar earlier this month, stating they were filing a $53 million lawsuit because of delays on a residential project on Jeddah’s Corniche. The outlet claimed only 38% of the work on site was completed at the time, falling short of the 80% scheduled.
Drake & Scull, a 20% shareholder of the project, claimed it had signed to complete the Lamar Towers in 2013, six years after the project had commenced.
It also stated it had signed “despite the chequered and troubled history of the project” after several contractors had already been involved in the project and that the company would continue negotiations with Lamar to settle “outstanding financial issues.”