A joint venture between Bahrain's Nass Corporation and South Africa's Murray & Roberts Holdings said on Tuesday its contract to build a hotel resort for Sama Dubai in Bahrain had been terminated.

The contract covered the luxury Salam resort, Nass said in a statement on the bourse website. The two contractors as well as Sama Dubai, the international real estate arm of state-owned Dubai Holding, were not immediately available for comment.

Sama Dubai said in November 2008, when the international financial crisis started to hit Dubai's property market, that it considered job cuts and would review its project pipeline.

The termination of the contract for the project in Bahrain, a luxury beach-front resort close to the Bahrain Formula 1 track, came a day after Kuwait's Gulf Investment Corporation said it delayed a $2.2 billion power and water project in Bahrain due to tight international lending conditions. The project is half owned by France's GDF Suez .-Reuters