A joint venture comprising of Al Habtoor Leighton (40%), Murray & Roberts (40%) and Takenaka (20%) has withdrawn from a $2 billion project in Dubai.
The Al Habtoor – Murray & Roberts – Takenaka Joint Venture (HMRT) and the Dubai Department of Civil Aviation (DCA) have mutually agreed that the Joint Venture will pull out of the contract to build the Dubai Airport Concourse 3due to the parties’ failing to conclude an acceptable contract.

The joint venture was awarded the contract, worth $800 million to Leighton, in December 2008, and has up until now been working with the DCA to finalise contract terms.

The Concourse 3 project followed the joint venture’s successful delivery of the recently opened Terminal 3 and Concourse 2 project.
The outcome was “disappointing” a spokesperson for the JV said, but it was “in the best interests of both parties that the joint venture withdraw from the project”.
The withdrawal from the project would not have any material impact on the Al Habtoor Leighton group’s 2009 results, the company has reported on its website.
Leighton Holdings chief executive Wal King recently admitted to CBNC television that Dubai’s construction boom had come to an end.
“There is no doubt that the huge construction boom in Dubai has come to an end, but there is still work activity and I think this philosophy that the Middle East is all over is not a true philosophy,” he said in an interview with CNBC Television earlier this month.
“There is a strong future in that region where we have a big construction company.”
Leighton has a 45% stake in Al Habtoor.