Dubai: Meydan, the government-owned developer, has announced a joint venture with a Chinese investment company and a Malaysian design planning and engineering firm, to develop the Tianjin Horse City in China in 2010.
The proposed horse city which resembles the phoenix bird will cost a total of $4 billion dollars. It will also cover an area of 3,005,641 square metres which will be provided by the Chinese government.
The construction which will be divided into two phases will take place over the course of ten years, according to the proposed plan.
“The development itself [racing district development] would cost $1.46 billion. The other components [properties development] where we have the breeding farms, the schools and the academy would sum up to $4 billion dollars,” said Mohammad Al Khayat, Commercial Director at Meydan at a press conference held today.
When asked about how much funds Dubai will be committing for such a project, Al Khayat said that the details of the finances haven’t been evaluated yet.
“There will residential components and commercial components that will be enough to raise necessary for the developing of the project,” he said.
