NEOM has terminated a structural steel contract awarded to Malaysia-based Eversendai Corporation for the Trojena Ski Village project in Saudi Arabia, citing geopolitical developments in the Middle East.

In a regulatory filing, Eversendai confirmed that it received a formal termination notice, which took effect on 26 March 2026.

“The company is preparing the necessary documentation to substantiate project progress and will submit its commercial claims, including compensation for termination and related demobilisation costs. The group expects to be fairly compensated once the claims have been fully substantiated,” the company said.

Eversendai stated that the project had been executed in line with contractual obligations up to the date of termination. The contract, which was awarded in March 2024 in partnership with Al Bawani Co, had an original completion timeline of 28.5 months.

The company also noted that it is close to finalising additional project awards, which are expected to support future revenue visibility. Despite the development, Eversendai emphasised that its operations across the Middle East remain stable and expressed confidence in securing new contracts in the region.

While the termination introduces some uncertainty around the Trojena project, Eversendai said its diversified project pipeline and ongoing operations position it to manage the impact. It reiterated expectations of fair compensation once its claims are fully substantiated.