Dubai: Construction of the multi-billion-dollar Meydan project, which is centred around horseracing and related real estate, is progressing at a desired pace, a top official said.
Besides being home to a huge racecourse, Meydan will offer residential units, office blocks, retail space and leisure facilities.
Located in Nad Al Sheba, Meydan will have between 60,000 to 100,000 people living and working in it when the work is completed.
Presently, 4,500 construction workers are employed on the site and their ranks will swell by 3,000 when development of several new sites begins.
"The Meydan team is creating an exceptional racecourse, business park and city that investors and general public will appreciate," Saeed Al Tayer, chairman of Meydan, said.
A tram line will connect the grandstand, business park and city.
There will be 17 building blocks offering 2.9 million square feet of office space to all types of businesses. The business park will be developed in five phases.
A large retail complex will cater to high-spending shoppers.
Infrastructure work on Meydan City will be completed by the end of 2009.
The new racing facilities are scheduled to be ready before the Dubai World Cup in March 2010.
Construction work is progressing at a fast pace on the Meydan Racecourse Grandstand, which will have 65,000 seats, making it one of the largest such venues.
Its mezzanine floor will have the Dubai Racing Club office, Meydan Museum and Gallery, the Banyan Tree Resort-managed Meydan Hotel, main lobby and entrance lobby for the grandstand.
"Our commitment to perfecting the different aspects of the development is moving at the desired pace. Since its launch in 2007, the development of Meydan has made several strides in creating a solid infrastructure that is set to offer a one-stop remarkable experience to the horse racing and business communities from all over the globe," Al Tayer said.
Since the announcement early last year, the Meydan plan has undergone changes to accommodate new elements, Mohammad Abdul Nasser Al Khayat, commercial director of Meydan, said at an event held to provide updates on the project.
