A team of the local Cybarco Bahrainand Malaysia's WCT Engineeringhas received a letter of intent for the contract to build a grand prix motor racing circuit near Manama. A formal letter of award is expected before the end of October for the contract. The team submitted the lowest of nine bids for the project, with a price of BD 56.2 million ($154 million - MEED 20:9:02).
Mobilisation work is already under way. Cybarco has been given only 16 months to complete the circuit in time to host the 18th round of the World F1 (Formula One) Championship in 2004. The scope of works involves the construction of a number of racetracks on the 240-hectare site and temporary and permanent grandstand seating for up to 62,000 spectators. The contract is also understood to include a 20 per cent indemnity clause, which guarantees the project will be completed on schedule.
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