Meydan plans $4bn course for China

DUBAI // Just hours after the official unveiling of the Meydan race course at Saturday's Dubai World Cup, its officials have revealed plans to develop a second track in the Chinese city of Tianjin. The US$4 billion (Dh14.68bn) development is to be a joint venture between International Equine Group, the flagship investment arm of Meydan Group and TAK Design Consultants, as well as the Tianjin Farm Group and the Zhouji Jiye company. Mohammad al Khayat, Meydan's commercial director, said it had not yet been decided how much money Dubai would be putting forward, adding that selling commercial space would form part of the development and would help raise funds. Talks were also underway with financial institutions both in Dubai and in China, Mr al Khayat said. The project has the support of the Chinese government and many contractors and suppliers would be willing to work without payment up front, he said. "Contractors want and wish to be involved in such projects to ensure they are partners and want some success as we do," Mr al Khayat said. The working title for the 3.3 million square foot project is Meydan Phoenix City. loatway@thenational.ae