PARIS-The French municipality of Levallois-Perret is looking for new investors for its Levallois Towers project near Paris after recovering the building rights from Saudi entrepreneur Sheikh Mohamed Bin Issa Al Jaber.
The Paris commercial court annulled the 2008 agreement between the municipality and Al Jaber's MBI International group after a series of payment delays. It also obliged Al Jaber to pay $27 million in damages and interest charges. Al Jaber bought the rights for $328 million in June 2008, with the aim of completing the complex by 2012 at an estimated total cost of $1.3 billion. Spanish property developer Fadesa originally intended to invest but pulled out in 2007.
The project consists of two towers on the banks of the River Seine in the inner Paris suburbs, only 500 meters from the business district of La D
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