Union Properties hopes to revive Formula One theme park

Union Properties hopes to resume construction of its Formula One theme park around the second quarter of next year, the company's chief property officer, Ayman Okasha, has said. The Dh1.69 billion (US$463m) project, which will form part of the Dh10bn Motor City development, was put on hold earlier this year due to a shortage of cash. The attraction was due to open in the last quarter of this year.

"We're hoping that between now and the second quarter of 2010, we'll have a clear direction and have the allocated budget to complete the project," said Mr Okasha. "Part of the thing is to allocate the right funds to be able to complete the project. We're very serious about working with various stakeholders; the market has started to loosen up, banks have started to attend to personal loans and liquidity rates are improving."

Plans for the 28-hectare project include roller coasters, water rides, car-racing simiulators, Formula One car displays, shops, restaurants and a copy of a Formula One grid. Mr Okasha added that Union Properties was now focussing on completing projects where there are already commitments to property buyers, although the company is also working on three new projects, which will be released to the market once finances are in place.

"We have the plots and are working on the design, but we won'T start them until we have clear budget and timeline to complete." agiuffrida@thenational.ae