Dubai has awarded a contract for the construction of a new convention centre, car park and concourse at the Dubai World Trade Centre to a local company.

The Dh240.43 million ($65.51 million) contract for the project was awarded to Khansaheb Civil Engineering after a formal tender review process. Khansaheb was one of the seven companies which pre-qualified for the project.

The new convention centre will host the Dubai 2003, the 58th annual meetings of the International Monetary Fund and World Bank to be held in September 2003.

Construction of the high-profile venue is part of the overall development of the Dubai World Trade Centre site on Shaikh Zayed Road.

The convention centre will have a capacity for 6,000 people and will seat 4,250 for the opening session of the 2003 meetings. There will be 25 meetings rooms, varying in capacity from 20 to 800 persons, and the total floor area of the centre will be 8,100 sq m.

"This event will be a major opportunity for the UAE to cement its reputation as the regional hub for financial, technological and investment opportunity and excellence," said Minister of State for Finance and Industry and deputy chairman of Dubai 2003 steering committee, Dr Mohammed Khalfan bin Khirbash.

"As the first Arab country to be chosen to host this prestigious global event, we are determined to use the opportunity to display our capacities to the rest of the world."

Dubai Municipality director general and chairman of Dubai 2003 organising committee, Qassim Sultan, said: "The excellent infrastructure of Dubai was one of the major reasons the UAE was selected as the host nation for the 2003 event. Construction of the new convention centre adds significantly to our capacity to host such events.

"We are very pleased to award this important contract and to ensure that all our facilities will be in place in good time for the event."

The convention centre will also be used for exhibitions, meetings, indoor sports, concerts, banquets and weddings.

The construction contract was signed by Sultan and Khansaheb executive director David May.