UAE: Meydan Cancels $1.3b Racecourse Deal |
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DUBAI - Dubai's Meydan LLC said on Monday it cancelled a racecourse construction deal with Malaysian construction firm WCT Engineering Bhd and the local firm ArabtecArabtec
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A Meydan statement did not give a value for the deal, but WCT said in 2007 that its 50-50 joint venture with ArabtecArabtec had won a $1.3 billion contract to build the racecourse in Dubai.
The contract was cancelled "because of non-adherence to the agreed time schedule for construction," Meydan said in the statement.
The contract awarded in 2007 includes construction of a one-kilometre grandstand with capacity of up to 60,000, a luxury hotel, more than 10 restaurants, a museum and covered car parking with 10,000 spaces.
The Meydan Racecourse is an iconic development spanning 76 million square feet and featuring a state of the art dirt and turf track, a world class grandstand with a capacity of approximately 60,000 people. A stone's throw from the current Nad Al Sheba Racecourse, it will include a five star hotel, more than ten restaurants, several private hospitality suites and boxes, the new home of the Godolphin Gallery, the Dubai Racing Club, a state of the art racing museum.
A four kilometre canal which will run from Dubai Creek will offer racegoers an opportunity to arrive by boat to the racecourse, and will feature a marina and a boathouse.
© Khaleej Times 2009
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