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Thu 11 Nov 2010 10:04 AM

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Meydan signs deal to build $4bn Chinese ‘equine city’

Dubai developer signs JV deal to drive race industry development

Meydan signs deal to build $4bn Chinese ‘equine city’
CHINA PLANS: Meydan was the developer behind the Dubai racecourse, home of the Dubai World Cup

Dubai master developer Meydan will help build a $4bn ‘equine culture city’, according to the terms of a joint venture agreement signed on Wednesday.

The firm, which completed the world’s largest racecourse in the emirate earlier this year, will tie up with International Equine Group (IEG), itself made up a consortium of Meydan, Malaysia’s Teo A Khing Design Consultants and an agribusiness entity owned by the Chinese government.

The new consortium – called Hua Zhi Jie Horse Industries – will develop the Tianjin Equine Culture City, a 3.3m square metre site located in the north-eastern Chinese city.

The project will feature racetracks, training tracks and stables, as well as other equine facilities.

Hua Zhi Jie is hoping to stage a flat-racing event at the site “not dissimilar to the scale of the Dubai World Cup” as early as 2012.

“Meydan’s success since its launch and its continued growth potential makes it an excellent model to replicate in a burgeoning economy such as China’s,” said Saeed Humaid Al Tayer, chairman and CEO of Meydan

“It is a significant partnership and we are very bullish about the growth prospects presented there. We hope to lend our expertise and extensive experience in positioning horse racing, so that it not only promotes the sport, but supports its related industries and provides viable economic returns to the people of China.”

In a statement, Meydan said that the potential for the horse-racing industry in China was considerable, especially given the direct economic impact of the sector on the economies of the US, the UK and Australia. The developer said that the industry was worth $39bn in the US alone. Meydan to help build Chinese ‘equine city’

Dubai developer signs JV deal to drive race industry development

Dubai master developer Meydan will help build a new ‘equine culture city’, according to the terms of a joint venture agreement signed on Wednesday.

The firm, which completed the world’s largest racecourse in the emirate earlier this year, will tie up with International Equine Group (IEG), itself made up a consortium of Meydan, Malaysia’s Teo A Khing Design Consultants and an agribusiness entity owned by the Chinese government.

The new consortium – called Hua Zhi Jie Horse Industries – will develop the Tianjin Equine Culture City, a 3.3m square metre site located in the north-eastern Chinese city.

The project will feature racetracks, training tracks and stables, as well as other equine facilities.

Hua Zhi Jie is hoping to stage a flat-racing event at the site “not dissimilar to the scale of the Dubai World Cup” as early as 2012.

“Meydan’s success since its launch and its continued growth potential makes it an excellent model to replicate in a burgeoning economy such as China’s,” said Saeed Humaid Al Tayer, chairman and CEO of Meydan

“It is a significant partnership and we are very bullish about the growth prospects presented there. We hope to lend our expertise and extensive experience in positioning horse racing, so that it not only promotes the sport, but supports its related industries and provides viable economic returns to the people of China.”

In a press statement, Meydan said that the potential for the horse-racing industry in China was considerable, especially given the direct economic impact of the sector on the economies of the US, the UK and Australia. The developer said that the industry was worth $39bn in the US alone.

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