Construction work has been suspended on the inaugural Formula 1 theme park in Dubai due to the impact of the worldwide recession.
Developers Union Properties announced on Thursday that the F1-X project, which had been due to open later this year, has been halted and the opening of the venue moved back to next year.
In a statement the property investment company said that the worsening economic climate meant credit wasn’t being made available for it to stick to the original schedule.
“The project is founded on a strong business model that withstands recession whilst allowing for the future growth of Dubai,” said Penny Fischer, marketing director for F1-X. “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 coming days or weeks to capitalize on the opportunity.”
F1-X has pushed its opening date to 2010, though the release gave no timetable for resuming construction.
| 
|