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Meydan, Arabtec and WCT plan to discuss settlement
DUBAI — Meydan Group and Arabtec Construction announced jointly that they have reached agreement to hold amicable discussions towards reaching out-of-court/arbitration resolution of all outstanding claims and counter-claims between them involving the construction of facilities at the Meydan racecourse in Dubai.
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.
Meydan and Arabtec have agreed, without prejudice to their respective rights and obligations, to withdraw their case from the arbitration process administered by Dubai International Arbitration Centre (DIAC). The arbitration process has been halted with no order as to costs. Talks are expected to commence shortly.
The Arabtec-WCT joint venture was awarded a contract in September 2007 for the construction of the main building, external and infrastructure works of the Meydan racecourse. — business@khaleejtimes.com
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