F1 theme park delayed

Daniel Bardsley

• Last Updated: February 26. 2009 6:22PM UAE / February 26. 2009 2:22PM GMT

The opening of the world’s first official Formula One theme park will be delayed until at least next year as a result of the global economic slowdown.

Union Properties is looking for an investor to fund the completion of its $460m (Dh1.69 billion) F1-X theme park after a lack of finance from banks and other financial institutions caused it to suspend construction.

The company insisted the project, which it said today was more than half built, would be completed, although not in time for the planned opening in late 2009.

The design for F1-X includes rollercoasters, water rides, dry rides, shops, restaurants and a copy of a Formula One grid.

dbardsley@thenational.ae