Dubai's F1 theme park delayed

In late 2007 one of Dubai’s leading property investment developers won the exclusive rights to build several F1 inspired theme parks around the globe, the first of which was expected to open its doors in Dubai around the middle of the year. The company behind the project is Dubai’s Union Properties, but even in this land of opportunity the global economic crisis has taken its toll.

The opening of the theme park has now been delayed until at least next year as a result of the global economic slowdown, reports The National. Union Properties is currently looking for a new investor to fund the completion of the $460 million project after a lack of finance from banks and other financial institutions caused it to suspend construction.

The company insists the project is about halfway through construction and will eventually be completed, just not on the originally planned date.

Previous concept sketches of the proposed theme park revealed a roller coaster and go-kart style tracks in addition to numerous retail sites and most likely a hotel. Of course, there’s also the mandatory racing circuit.

This latest news comes just days after organizers of the rival Ferrari World theme park in Abu Dhabi announced that their project had also been delayed.