Abu Dhabi Airports Company will move to cash bonds provided by the contractors consortium working on the Midfield Terminal Building project that is currently under construction at Abu Dhabi International Airport, a Reuters report says.
According to a report citing sources close to the project, the consortium – comprising of Turkey’s TAV, the Lebanon-based Consolidated Contractors Company (CCC), and the UAE’s Arabtec Construction – submitted bonds totalling about $817 million, which were to guarantee the performance of the main contractor.
The consortium was awarded the $2.85 billion contract to build the Midfield Terminal Building in 2012, but work has been delayed and costs have continued to spiral, it added. While no official comment has been made about these cost overruns, the project is expected to cost around $5.4 billion to finish.
Sources close to the project state that the work is 98% completed, the report states.