KUALA LUMPUR - DUBAI'S Meydan LLC has cancelled a US$1.3 billion (S$ 1.9 billion) racecourse construction deal with Malaysian firm WCT Bhd and Dubai's Arabtec Construction LLC, WCT said on Tuesday.
WCT said in a statement to the Malaysian stock exchange that the firm and its joint-venture partner Arabtec have been given a fortnight's notice by Meydan to cancel the project.
'The board views the cancellation as a breach of contract on the part of (Meydan),' WCT said in the statement, which did not give any reason for the cancellation.
WCT said the joint-venture partners would consider their options and 'take the necessary steps' to protect their interests.
WCT announced in September that it had been awarded the contract to build the racecourse.
The project includes a 60,000-seat grandstand, a five-star hotel, several restaurants, a museum and gallery as well as parking for more than 10,000 cars.
The project was originally due to be completed in October this year, in time for the 2010 Dubai World Cup.
Shares in WCT plummeted nearly 30 per cent on news of the decision, triggering an automatic suspension of trade on the Malaysian stock market. -- AFP
