Saeed Humaid al Tayer, the chief executive of Meydan, says Meydan City's racecourse is an advantage in a market with plenty of office space.
Saeed Humaid al Tayer, the chief executive of Meydan, says Meydan City's racecourse is an advantage in a market with plenty of office space.

Meydan to add 16 office blocks



Meydan plans to build 16 office blocks at its Dh10 billion (US$2.72bn) racecourse city project in Dubai. The company, which completed the racecourse and grandstand at Meydan City this year, has signed an agreement with the Chinese construction firm Guangsha Middle East to build the first phase of Meydan Metropolis Business Park.

But the value of the deal has not been finalised as the partners negotiate with subcontractors, said Saeed Humaid al Tayer, the chief executive of Meydan. Meydan executives expect to finish the project within two years at a time when office space in Dubai may have increased by about 80 per cent, putting pressure on prices, the property advisory Colliers International says. Mr al Tayer said the office buildings had already been sold to between 65 and 70 "premium investors" three years ago, and that the move was part of Meydan's preparation for a market rebound. Investors in the project include Amlak Finance and Emirates NBD.

"We have been extremely positive and have reason to believe that the market will bounce back," he said. "We have a philosophy here that we have to have clients for our space, residential or office. "Maybe the market today has an excess of office space but Meydan has advantages: it's different, it has low density, it has a lifestyle, a racecourse, a business centre and is very accessible." Meydan City was announced in early 2007 with a remit to complete the racecourse, which hosted the $10 million Dubai World Cup in March, in two years.

The economic downturn has allowed Meydan to benefit from a 30 per cent decline in construction costs as it progresses with the development, which is spread across more than 620 hectares and includes residential, leisure and commercial components. Guangsha Middle East is part of Guangsha Holding Venture Capital, one of China's biggest conglomerates. The company has already built the Falcon car park at Meydan City.

Mr al Tayer said he wanted to reach a fair deal with the contractor. "In the past, when there was high demand, there were some entities who made a little extra," he said. "There's been a substantial fall in construction costs. Steel has been fluctuating but we've been monitoring everything. We want a fair deal and one that will make the market more competitive." Meydan said in March it had signed land deals with investors worth Dh370m for the construction of 200 villas at Meydan City, with work expected to be completed in late 2015.

"We are not going to rest until we have reached our overall objective ? it was always going to be a five to 10-year project," Mr al Tayer said. The Meydan racecourse brand has also moved into China, where the company will invest in the Dh14.7bn Meydan Phoenix City in Tianjin municipality's Ninghe County. The project, announced in March, is a joint venture with Tianjin International Equine Group - the investment arm of Meydan Group - Japan's TAK Design Consultants, and the Chinese companies Tianjin Farm Group and Zhouji Jiye.

agiuffrida@thenational.ae

UAE currency: the story behind the money in your pockets
The biog

Job: Fitness entrepreneur, body-builder and trainer

Favourite superhero: Batman

Favourite quote: We must become the change we want to see, by Mahatma Gandhi.

Favourite car: Lamborghini

AGL AWARDS

Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)

Second Test

In Dubai

Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)

Day 3: New Zealand trail by 197 runs with 8 wickets remaining

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Yemen's Bahais and the charges they often face

The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.

The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran. 

Today, some 2,000 Baha'is reside in Yemen, according to Insaf. 

"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said. 

Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer. 

The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy. 

 

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

MATCH INFO

English Premiership semi-finals

Saracens 57
Wasps 33

Exeter Chiefs 36
Newcastle Falcons 5

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHayvn%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EChristopher%20Flinos%2C%20Ahmed%20Ismail%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Efinancial%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%2044%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseries%20B%20in%20the%20second%20half%20of%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHilbert%20Capital%2C%20Red%20Acre%20Ventures%3C%2Fp%3E%0A