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Dubai: A joint venture between UAE-based Arabtec Construction and Malaysian builder WCT Engineering has confirmed that it won the Dh4.6 billion contract to build the UAE's new horseracing project, the Meydan Racecourse.
The contract 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.
Construction will begin immediately near Dubai's existing Nad Al Sheba course and take approximately two years to complete, ready in time for the Dubai World Cup, the world's richest horse race, Meydan officials said.
"Our board of directors has been given clear instructions to ensure this project is executed to the highest possible standard, setting a benchmark for the rest of the world," Meydan chairman Saeed Al Tayer said at Monday night's contract signing ceremony.
The official announcement follows a Gulf News report last month that the 50:50 Arabtec-WCTE joint-venture had already secured the racecourse contract. Meydan declined to comment at the time.
The winning bid brings together one of the UAE's leading construction companies, which includes the Burj Dubai among its projects, with the Malaysian firm that built Formula 1 race tracks in Malaysia and Bahrain, and is constructing the new F1 circuit in Abu Dhabi, due for completion by 2009.
"We're delighted to have secured the services of two of the world's finest construction companies. They won the bid fair and square," said Al Tayer.
He said the piling process, which National Services Contracting Co and Al Dhafra Pipeline & Contracting Co began in April, is nearing completion. He added that Meydan is on course to open at the 2010 Dubai World Cup meeting, where the big race will have a minimum purse of $10 million. "It's only six months since Meydan was revealed to the world and we are already moving at an astonishing pace."
Project planner and architect Teo A. Khing, managing director of TAK Architects, said the building work should actually be ready in late 2009, four or five months before the World Cup.
Other contracts set to be announced soon include the racecourse hotel operator, a business park, the construction of dirt and turf racetracks and an 18-hole championship golf course.
Resume: Prominent projects in Gulf
Civil works
- Dubai World Central International Airport, phase one. Contract value Dh519 million. Expected completion date: Third quarter, 2008.
- New Doha International Airport, Qatar. Contract value Dh1.9 billion. Contract period: 33 months. WCTE has a 15 per cent stake in the project.
- Dukhan Highway, Qatar. Contract value Dh835 million. Contract period: 24 months. WCTE has a 49 per cent stake in the project.
Building and infrastructure
- Meydan Racecourse Dubai, UAE. Contract value Dh4.613 billion. Construction period: Approximately 25 months with immediate commencement.
- Bahrain City Centre. Contract value Dh1.35 billion. Contract period: 28 months. Main contractor: Cebarco-WCT WLL. WCTE has 51 per cent equity in Cebarco-WCT WLL.
Formula 1
- Abu Dhabi F1 Circuit, UAE. Contract value Dh1.3 billion (excluding special electronics, mechanical, electrical and plumbing works, architectural finishes, site preparation and landscaping works). Project expected to be completed by December 31, 2008.
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