F1-X Dubai Formula One theme park suspended due to current financial market
DUBAI (Thursday 26th February 2009) - Union Properties PJSC today announced a Board decision to suspend the construction and opening of its F1-X theme park project, which was scheduled to open in Dubai 2009. The decision was taken due to the current financial market and the drying up of liquidity from banks and financial institutions.
The suspension will delay the opening of The Formula One entertainment concept until 2010.
Penny Fischer, Marketing Director from F1-X said today that, "the project is founded on a strong business model that withstands recession whilst allowing for the future growth of Dubai. With construction more than 50% 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 coming days or weeks to capitalise on the opportunity."
F1-X is the first family entertainment concept of its kind ever developed. Based on the pinnacle of motor sport, Formula One - a single sport - it has been designed for core fans and non- sporting enthusiasts alike. The park has something for everyone including bespoke rides and simulations, F1 team showcases and experiences, and even a walk back in time through 1950's Europe and the birth of the pinnacle of motor sport.