Dubai – Mubasher: UAE's home builder Arabtec is about to recommence its legal action against Meydan, which comes three years after the pair agreed to out-of-court talks to resolve their dispute over the redevelopment of the horse racing venue, according to The National website.
Arabtec is now recommencing its bid to recover its half of an AED2.8 billion claim lodged for work it carried out to build the Meydan Racecourse.
The news comes as Meydan prepares this weekend to host the Dubai World Cup, the world’s richest horse race.
Arabtec had been part of a joint venture with the Malaysian contractor WCT which filed the AED2.8bn case against Meydan in 2009 with Dubai International Arbitration Centre (Diac) after it had been removed from the project and had its bond recalled. Meydan launched a AED3.5bn counter-claim against the pair in 2012.
