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Dubai cancels $1.3bn WCT racecourse deal

Dubai, January 5, 2009

Dubai's Meydan said on Monday it cancelled a racecourse construction deal with Malaysian construction firm WCT Engineering and the local firm Arabtec.

A Meydan statement did not give a value for the deal, but WCT said in 2007 that its 50-50 joint venture with Arabtec had won a $1.3 billion contract to build the racecourse in Dubai.

The contract was cancelled 'because of non-adherence to the agreed time schedule for construction,' Meydan said in the statement.-Reuters




Tags: Arabtec | WCT Engineering | Meydan | racecourse |

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