BAAN Holding Group receives termination notice for NEOM deal

BAAN
1820 -0.51% 1.95 -0.01

Riyadh – Mubasher: BAAN Holding Group received a written notice on 14 September regarding the termination of its catering services contract for the NRC26 project.

The contract, signed with Alpha Facilities Contracting, a subsidiary of Al Fanar Group, will officially be terminated on 30 September in accordance with the agreement's provisions.

The company stated it will continue to provide services as usual until the termination date becomes effective. This specific project, located at a residential complex in NEOM, was originally awarded on 22 January 2024.

BAAN Holding disclosed subsequent updates on project developments on 15 April 2024 and 22 August 2024. It affirmed that the termination is limited to catering services for the NRC26 sector and does not currently affect its other operations or business continuity in other sectors within the NEOM region.

The company confirmed it remains committed to fulfilling its contractual and operational obligations across all other existing projects.

No additional costs were reported in connection with this development.

Source: Mubasher Source: {{details.article.source}}