Race contract

18 March 2008

Malaysian contractor WCT Engineering has won a US$ 1.3 billion deal to build a racecourse in Dubai as part of a 50:50 joint venture with Arabtec. Construction will begin immediately and is expected to be complete in two years, in time for the 2010 Dubai World Cup, the world's richest horse race.

Meydan Racecourse, designed by Malaysian architect Teo Ah Khing, will feature a 1 km-long grandstand building with a capacity of up to 60000 people, and will include a luxury hotel, more than ten restaurants and a museum, the developer said.

The project will lift WCT's construction order book to MYR 7 billion (US$ 2 billion) and potentially offers net margins of around 8 to 10%, said Wong Chew Hann, a construction analyst with Aseambankers.

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