A Formula One theme park coming up in the Motor City of Dubai has become the latest project to be hit by worldwide economic slowdown as its construction has been suspended for a year by the developers.
The park was due to be ready this year but construction and opening of the F1-X theme park has now been suspended for one year and the developers are looking for a financial
who could help them out in this tough time.
“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,” a statement issued by the Union Properties said.
However,the developers are hopeful that they will get a partner to pump in funds for the project.
“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 per cent 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,” said Penny Fischer,Marketing Director of the theme park.
The Motor City comprises five areas,including the Formula One development.