Another Dubai park put on hold...

[F.A.S.T.]

UBAI, Feb 26 (Reuters) - Dubai-based Union Properties UPRO.DU said on Thursday its has suspended its $460 million Formula One theme park due to the financial crisis and drying up of liquidity from banks.

"The suspension will delay the opening of the Formula One entertainment concept until 2010," it said in a statement on the project which was scheduled to be completed in 2009.

"The project is founded on a strong business model that withstands recession whilst allowing for the future growth of Dubai," Penny Fischer, marketing director for F1-X said in a statement.

"With construction more than 50 percent complete, the core of international expertise on the ground and operational plans virtually complete, it is hard to believe that a financial partner will not come forward in the coming days or weeks to capitalise on the opportunity," Fisher said.

F1-X is part of Union Properties' MotorCity project.

Dubai's once-booming property sector has been hit hard by the financial crisis, which triggered a drop in property prices that has forced real estate firms to cancel or postpone projects and cut thousands of jobs.

Union Properties made a fourth-quarter loss of 37.6 million dirhams due to lower land sales. (Reporting by Jason Benham; Editing by Greg Mahlich)

http://www.reuters.com/article/rbssFina ... 5820090226

 

[Snoo]

Told ya.

 

[The Grape Wizard]

Im fed up with dubai :evil:

 

[roomraider]

So unless i've missed something Ferrari park in Abu Dhabi is the only one not delayed right now? and i assume thats only because they have the F1 race in Abu Dhabi in 2010

 

[elmerfudd]

its a stupid idea anyway. A ferrari park? C'mon. Even some of those stupid entreprenuers from dragons den would come up with something better than that.

 

[roomraider]

/\ Hmmm did you read this thread?
Its not the Ferrari park thats be stopped, It's the F1-X park.

Ferrari = Abu Dhabi
F1-X = Dubai

they are seperate entitys

 

[elmerfudd]

same stupid idea, what do they exactly plan on having?

 

[luke8]

read threads and links posted, and you'll see.

The F1 park had a super fast 'racing' launched coaster planned for starters.

 

[spicy]

Doesn't suprise me in the slightest, I doubt that any of these parks in the supposed 'Dubailand' are actually going to be built apart from the Universal park which is being constructed at the moment.

 

[Lofty]

Yes, exactly, Abu Dhabi, isn't Dubai for starters lol!

Everyone could have seen this coming, it was just a matter of fact that the economic struggle was going tot take Dubai too, it was un-avoidable!

I sure hope that they get back to making it, to add to Dubai's ever growing line-up of parks ready to be built/finished!