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Meydan signs MOU with Guangsha Middle East Construction for the development and construction of Meydan Metropolis Business Park Phase 1

19. May 2010

Chinese conglomerate extends partnership having successfully deployed Falcon car park and facilities within Meydan

Dubai, UAE, 19 May 2010 – Meydan today announced the signing of a significant Memorandum of Understanding (MOU) with Guangsha Middle East Construction L.L.C. The MOU will see the Chinese entity handling the construction and development of Meydan Metropolis Business Park Phase 1.

Meydan Metropolis Business Park Phase 1 is located within Meydan City and covers a gross floor area of 2.8 million square feet with a nett area of 2.4 million square feet spread across retail, food & beverage and office spaces. Designed by Malaysian architects TAK Design Consultants, Meydan Metropolis will consist of an expansive mix of commercial, retail and residential developments with its own town club, hotel and serviced residences. The development is positioned to offer businesses a premium and strategically located corporate district within the Meydan Freezone.

Guangsha Middle East further strengthens its ties with Meydan having been involved in the development of the Falcon car park located at the Meydan Grandstand. Part of Guangsha Holding Venture Capital Group Co., Ltd; one of China's leading diversified conglomerates with interests in media, energy sources, tourism, medical and construction. It employs over 50,000 worldwide with assets over RMB 16.7 billion (approximately US$2.45 billion) and is ranked sixth amongst the top private corporations in China.

Mr. Saeed Humaid Al Tayer, Chairman of the Board and CEO of Meydan, said: “Guangsha has been a strategic partner of ours since 2007, having been integral to the successful deployment of the Falcon car park and other facilities within Meydan. They enjoy a strong reputation not only in China, but also internationally for their build quality and construction standards. Our shared work ethos on delivery and innovation in construction and development standards allows us to further explore this continued partnership with them for Meydan Metropolis Business Park Phase 1. We look forward to seeing Meydan City unfold and gaining traction, with our forward thinking strategies in place as we deliver what we envision will be a truly integrated city of the future."

The agreement will cover the construction and development of 16 commercial buildings for office and retail use and will include close to 3000 car park spaces. Meydan Metropolis Business Park Phase 1 is expected to be completed in phases. Meydan has already pre-sold several of these office buildings to Emirates NBD and Amlak Finance.

Mr. Lou Zhong Fu, Chairman of Guangsha Holding Venture Capital Group Co., Ltd said: “We are extremely pleased to enter into an MOU to develop and build Meydan Metropolis Business Park Phase 1. It is a pivotal component of the urban plan for Meydan City and allows us to further showcase our construction prowess and also strengthen our ongoing partnership with Meydan. It is an achievement for us to be associated with an iconic development such as Meydan, and we look forward to contributing to its long-termed success.

For more information, please visit Meydan's website at www.meydan.ae and Guangsha Group at
www.guangsha.com

 

From left to right: Mr. Mohammad A. Nasser Al Khayat – Commercial Director Meydan, Mr. Saeed Humaid Al Tayer – Chairman of the Board and CEO of Meydan, Mr. Yu Shili – Managing Director of Guangsha Middle East Construction, Mr. Gao Youzhen – Consul General of PRC in Dubai

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