Reuters reported that South Africa's biggest construction firm Murray & Roberts has pulled out of a ZAR 5 billion contracts in Dubai after failing to finalize acceptable terms with a client.

As per report, the project, which was to build the Dubai International Airport Concourse 3, was awarded to the Al Habtoor Murray & Roberts Takenaka JV last December by the Dubai Civil Aviation.

Murray & Roberts said in a statement that "The parties have concluded that a mutually acceptable contract is not currently possible."

The company said that the firm's 40% share of the contract was worth about ZAR 5 billion in revenues over the next 3 years, adding that limited work had been undertaken on the project and parties would work together to reach a final account.

Murray & Roberts, which is helping to build 2010 World Cup stadiums in South Africa, said that the withdrawal would not have a material impact on its full year results.

(Sourced from Reuters)