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, Penny Fischer, F1-X’s Marketing Director, said: “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.”
Indeed, F1-X is described as a truly international effort – much like the sport of Formula One itself.
Engineers, designers and architects from around the world – Britain, Australia, Europe and North America – have been brought in to the UAE to help create the $460 million (Dh2.48 billion) venture.
And its bespoke installations, rides and technology are all currently under construction in 14 countries on four continents, ahead of shipment to the Gulf.
It is estimated F1-X Dubai – a F1-themed entertainment park spread across 70 acres (285,000 sq m) that will feature 13 major rides and attractions – will lure more than one million visitors annually to the emirate.
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