DUBAI, Nov. 10th, 2010: A signing ceremony was held to officiate the launch of a new joint venture (JV) company between International Equine Group (IEG), formed between Meydan and Malaysian-based Teo A. Khing Design Consultants (TAK) and Tianjin State Farms Agribusiness Group Company, an entity owned by the Chinese government.
The new JV called Hua Zhi Jie Horse Industries, will be based in Tianjin, and spearhead the development and management of the new Tianjin Equine Culture City. The signing was made in presence of H.H Sheikh Maktoum Bin Mohammed Bin Rashid Al-Maktoum, Deputy Ruler of Dubai, Zhang Gaoli, Member of the Political Bureau of the CPC Central Committee and Secretary of the CPC Tianjin Municipal Community. The announcement today concluded a two-year due diligence exercise undertaken by both parties with the objective of positioning Hua Zhi Jie as pioneering the development of an integrated equine industry in China. As a new economy company, Hua Zhi Jie will incorporate the promotion of green technology and encourage positive cultural and social developments for the equine industry in the worlds most populous nation. While there are several racecourses already existing in China, the industry has not taken off as previously expected due to the absence of an ecosystem to support and drive the industry. The potential for growth for this industry in China is enormous if one takes into consideration the direct economic impact that the equine industry has had on the national economies of the United States, United Kingdom and Australia, with estimates of US$ 39 billion, US$ 8 billion and US$ 6 billion respectively. Hua Zhi Jie will develop the Tianjin Equine Culture City, measuring over 5,000 mu of land (approximately 3.33 million sq m), which will feature world class race tracks, training tracks, stables and other equine facilities. The Tianjin racing calendar will coincide with the international racing calendar and once official approval is given, a formal announcement will be subsequently made. It is envisioned that an international flat racing event not dissimilar to the scale of the Dubai World Cup may be staged as early as 2012. The parties involved in the signing ceremony today included Bai Zhisheng from Tianjin State Farms Agribusiness Group Company, Mr. Saeed Humaid Al Tayer, Chairman of the Board and CEO of Meydan, Teo Ah Khing, Chairman of Teo A. Khing Design Consultants.Copyright Emirates News Agency (WAM) 2010.
