South Africa's biggest construction firm Murray & Roberts has pulled out of a ZAR5 billion rand (USD$544.8 million) contract to build a new concourse at Dubai Airport after failing to agree "acceptable" terms with a client, it said on Thursday.

The project, which was to build the Dubai Airport's Concourse 3, was awarded to the Al Habtoor Murray & Roberts Takenaka Joint Venture last December by Dubai Civil Aviation.

"The parties have concluded that a mutually acceptable contract is not currently possible," Murray & Roberts said in a statement.

The firm's 40 percent share of the contract was worth about ZAR5 billion in revenues over the next three years, the company said, adding that limited work had been undertaken on the project and parties would work together to reach a final account.

Murray & Roberts, which is helping to build 2010 World Cup stadiums in South Africa, said the withdrawal would not have a material impact on its full year results.