New equine integrated development to be modelled after
UAE's iconic Meydan Racecourse
Dubai, UAE, 10 November 2010 - Today, 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 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 world's 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.
Mr. Saeed Humaid Al Tayer, Chairman of the Board and CEO of Meydan, said: "Meydan's success since its launch and its continued growth potential makes it an excellent model to replicate in a burgeoning economy such as China's. It is a significant partnership and we are very bullish about the growth prospects presented there. We hope to lend our expertise and extensive experience in positioning horse racing, so that it not only promotes the sport, but supports its related industries and provides viable economic returns to the people of China. At the same time allowing horse racing to be seen as a prestigious sport, and a symbol for luxury, lifestyle and culture."
The parties involved in the signing ceremony today included H.E. Bai Zhisheng from Tianjin State Farms Agribusiness Group Company, Mr. Saeed Humaid Al Tayer, Chairman of the Board and CEO of Meydan, Mr. Teo Ah Khing, Chairman of Teo A. Khing Design Consultants. H.E. Zhang Gaoli, Member of the Political Bureau of the CPC Central Committee and Secretary of the CPC Tianjin Municipal Community witnessed the signing ceremony.
For more information on Meydan, please visit www.meydan.ae.
About Meydan - One dynamic location, many possibilities
Meydan City is the brainchild of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai. It is the culmination of his vision to create not just the ultimate venue for horseracing, but also an integrated city that is sustainable, environmentally responsible and also one that positions Dubai at the centre of the competitive global business stage.
Meydan City will feature four distinct sub-districts - Meydan Racecourse; where the Meydan Grandstand takes centre stage and is home to the Dubai World Cup, Meydan Metropolis; a series of state-of-the-art business parks, Meydan Horizons; where business towers intermingle with luxury waterfront developments, and Meydan Godolphin Parks; with its distinctive Godolphin Tower created in the image of a thoroughbred and also where the shopping destination Signature Mall is located.
Meydan Grandstand and Racecourse can accommodate a capacity of over 60,000, and features fine-dining restaurants, covered car parking for 8,600, the Meydan Museum and Gallery, an IMAX Theatre, the Meydan Boathouse, and the world's largest and longest trackside LED panel. The Dubai Racing Club, Emirates Racing Authority and Meydan Freezone Falcon Commercial Park Freezone offices are located here. Meydan Racecourse district will also feature a 9-hole golf course, showroom district and luxury residential villas to rival those in any cosmopolitan city.
Meydan Grandstand also houses the world's first five-star trackside hotel, The Meydan. With 285 luxuriously appointed rooms and suites, a Rooftop Infinity pool, a variety of F&B establishments, business, conference, banqueting facilities and a spa and fitness centre, most of these facilities offering stunning views of the racecourse.
The seamlessly interconnected indoor and outdoor spaces at Meydan Grandstand and Racecourse provide excellent venues for Meetings, Incentives, Conferences and Exhibitions. These include unique facilities such as the Sky Bubble, which accommodates up to 4,500 guests, 72 Grandstand Corporate Suites with full track views, the Parade Ring, Receiving Barns, an indoor food court, extensive infield space, and the Apron Views.
With its Freezone status geared to businesses who are looking to be at the gateway to Europe and Asia, Meydan City is one location that offers a myriad of investment opportunities and experiences, delivering a perfect platform for business, entertainment and lifestyle.
www.meydan.ae
For more information, please contact:
Liyi Lee
PR Department, Meydan
Email: liyi@formul8.com
Tel: +971 4 316 8547
Mobile: +971 50 862 7354
Fiona Bartholomeusz
PR Department, Meydan
Email: fiona@formul8.com
Tel: +971 4 316 8543
Mobile: +971 50 114 9168
© Press Release 2010
