WCT gets bigger Abu Dhabi F1 deal
Kuala Lumpur, March 26, 2008
Malaysia's WCT Engineering said on Wednesday it has won an extra 800 million ringgit ($252 million) contract for its Formula 1 race-track project in Abu Dhabi, raising the total contract value to 2.1 billion ringgit.
Executive director Loh Siew Choh told reporters the project would now be completed in June 2009, six months later than originally scheduled, because of the additional work.
"The client wanted us to do more things. We have (secured) an additional work worth 800 million ringgit," he said at an investment conference. "The value is likely to increase."
"Right now, the project is on time," Loh said.
WCT, which specialises in building F1 tracks, had won the Abu Dhabi contract last July. The company has built F1 race tracks in Malaysia and Bahrain.
Loh declined to say whether the company would be bidding to build an F1 track in India or a proposed upgrading of the Malaysian F1 track.
The 10-year-old Malaysian track is due to be upgraded this year to allow night racing, officials said. - Reuters
More Construction & Real Estate Stories
- Abyaar announces Dubai project delivery
- Dar Al Arkan raises $450m from sukuk sale
- Arabtec workers end strike; dispute 'resolved'
- Bahrain launches project for 4,500 homes
- Qatari group unveils $823m giant mall project
- Tecom announces new operational structure
- Better Homes releases property guides
- Drake & Scull clinches $461m Saudi contract
- Obayashi-HBK venture wins Doha project deal
- Bahrain halts digging at housing project site