(MENAFN - Khaleej Times) Meydan, the state-owned developer of the worlds biggest horse-racing complex, on Wednesday signed an agreement with a unit of Chinas Guangsha Holding Venture Capital Group to build the first phase of a business park in the emirate.
Guangsha Middle East Construction LLC, ranked sixth amongst the top private corporations in China with 2.45 billion assets, will build the Meydan Metropolis Business Park Phase 1 in Meydan City, the company said. The complex will cover a gross floor area of 2.8 million square feet and be comprised of office and retail space, Meydan said.
Meydan is still in negotiations with contractors over costs, its chief executive Saeed Humaid Al Tayer told reporters, declining to give a value for the contract awarded to the Chinese company. There is a reduction in construction costs. There are substantial savings, he said.
The park will have 18 towers, of which two are almost complete, Commercial Director Mohammad Nasser al Khayat told reporters on the sidelines of the news conference. Another eight buildings will be built in the next phase, of which five have been sold to mortgage company Amlak Finance PJSC and Emirates NBD PJSC, he said.