By Ephraim Seow www.channelnewsasia.com
SINGAPORE: Transport operator SMRT said it will stop operating and maintaining the Palm Monorail in Dubai from August 5.
This follows the termination of the contract to do so by Dubai-based real estate developer Nakheel.
The Palm Monorail, costing about US$380 million runs the length of Dubai’s world-famous Palm Jumeirah artificial island.
The system was opened in May last year.
According to SMRT in a stock exchange filing, Nakheel is exercising its contractual right of early termination, in line with the ongoing restructuring of its business.
SMRT said the termination is not expected to have any material impact on its consolidated net tangible assets per share and earnings per share for the current financial year. – CNA/vm