The project involves the construction of a 75-floor mixed-use tower straddling the canal and that will run though the development.
The local Middle East Foundation has started work on the canal walls and excavation.
Other work on the project is also going ahead. The local Mammut Building Systems is working on the AED1.5bn ($408m) business park.
The local Dubai Contracting Company was awarded the contract to build a 26-floor mixed-use tower.
And the joint venture of local Arabtec Construction and Malaysia's WCT is working on a AED4.6bn contract to build the 60,000-capacity race-course grandstand.
The grandstand is the main attraction of the Meydan City development, which will cover 7.5 million square metres and will include a 4-kilometre-long canal running from Dubai Creek to the racecourse. The facilities will include a marina, shopping mall, museum and golf course.
The consultant is Malaysia's Teo A Khing Design Consultants.
India's Afcons has been awarded the contract to build the interchange serving Meydan City for Dubai's Roads & Transport Authority (MEED 2:10:08).