Dubai: Meydan, the multi-billion dollar racecourse that will replace Nad Al Sheba as the new home of horse racing in Dubai, will open on January 28, 2010.

The first race meeting will coincide with the start of the 2010 Dubai International Racing Carnival, according to an announcement from Meydan on Thursday.

The sprawling new racecourse, which will boast a breath-taking Grandstand that can accommodate 60,000 people, is aspiring to be the best of its kind in the world.

Announcing the official opening Meydan Chairman Saeed Humaid Al Tayer said on Thursday: "It is with great pleasure and excitement that we announce the first meeting to be held at Meydan will be on January 28, 2010."

"The racing facilities will be ready by October 31 this year.

"By having it ready on October 31, all horsemen, whether they are Dubai-based or visitors from abroad will have time to familiarize themselves with the facility to ensure they are prepared to compete to the highest standard when racing begins in January," he added.

"As we are setting the benchmark in terms of world-class facilities, we want to complement that with increased prize-money of $10 million, to continue to entice the best horses in the world for the 2010 Dubai World Cup."

The first staging of the Dubai World Cup at Meydan will be on Saturday, March 27, 2010.

Meydan is derived from an Arabic word meaning "where people congregate and race".

The racecourse will encompass two tracks, a 1,750metre all-weather surface inside a 2,400metre turf course, and will include a five-star hotel, marina, IMAX cinema, six haute cuisine restaurants and a museum.

"Meydan was introduced to the world on the eve of the Dubai World Cup in 2007 and to have it ready for racing in January 2010 is a remarkable achievement," said Al Tayer.

"Horse racing around the world is showcased at great racecourses with wonderful histories and traditions, but with Meydan we believe we are taking the sport to a new level and into a new era."

"The opening of Meydan will be a defining moment in the sport's global history. Unparalleled levels of luxury, customer comfort and racing technology will be combined to create the ultimate horseracing experience," he added.

"We wanted to develop a world-class facility and I cannot think of any other racecourse in the world that will rival it."

"Nad Al Sheba has had a proud history of racing in Dubai and that will continue with Meydan," Al Tayer said, "But Meydan is not just for UAE, it's for the whole world."

The opening round of the Al Maktoum Challenge has been the traditional starting point for the Dubai International Racing Carnival and the first Carnival to be held at Meydan will again close with the Super Thursday meeting on March 4, 2010.

Frank Gabriel Jr., CEO of the Dubai Racing Club commented: "To build such a facility and have minimal interruption to our racing has been phenomenal.

"The Dubai International Racing Carnival will be held as usual in 2010 and while its growth has been evident throughout its six year existence, we are expecting unprecedented numbers next year."