Master developer Meydan has said that Dubai’s new racecourse will be completed on schedule despite cancelling a $1.3-billion contract with the two firms – Malaysia’s WCT and the local Arabtec Construction – which were building the new venue for the 2010 World Cup, the Middle East’s premier horse race.

Meydan blamed a work delay for the decision to cancel the contract with Malaysia’s WCT and local firm Arabtec Construction.
Meydan said it would inaugurate the Nad Al Sheba racecourse as planned in time for the 2010 Dubai World Cup, which has a $10 million purse, horse racing’s largest.
The cancellation follows decisions by a number of builders in Dubai to scale back ongoing mega projects as financing grows harder to get.
WTC said that the project remains only 55 per cent complete, and that the company stands to lose 1.29 billion ringgit ($368.8 million) in its order book due to the cancellation.
The Malaysain firm said that following the cancellation, Meydan called on the 50-50 joint venture’s performance bond and advance payment bond, which the joint venture is contesting. WCT said it views the cancellation as a breach of contract by Meydan.
WCT is known for leading the development of Formula One circuits in Kuala Lumpur and Bahrain. It is also helping build a Formula One course in the UAE’s capital city Abu Dhabi.
Arabtec is among the contractors building the Burj Dubai skyscraper, which when complete later this year will be the tallest building in the world.
In explaining the cancellation, Meydan said there was a “considerable delay of implementation” on the project, which covers a grandstand building designed to hold up to 60,000 spectators and related infrastructure work. The site was also designed to include a five-star hotel, more than 10 restaurants and a new home for the Dubai Racing Club.
The company said other firms have been contracted to finish the project, including the grandstand and other infrastructure works to ensure the Nad Al Sheba project is completed on schedule.