Friday, March 1, 2013

Meydan, Arabtec vow to settle racecourse dispute


Meydan Group and Arabtec Construction have announced that they have reached agreement to hold amicable discussions towards reaching a deal on a long-running multi-billion dirham dispute.

The two Dubai-based companies said in a joint statement that they were seeking to reach an out-of-court resolution of all outstanding claims and counter-claims involving the construction of facilities at the Meydan racecourse.

Arbitration proceedings were initiated over four years ago following claims and counter-claims regarding payments between Meydan and the 50-50 Arabtec-WCT joint venture.

Meydan will also host similar discussions with WCT Berhad, a statement said.

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