..with many more set to follow around the world
Union Properties, one of the United Arab Emirates leading property investment developers, has won the exclusive rights to develop F1 Theme Parks around the world. The first will be built in Dubai and will open its doors to the public in 2009.
The rights agreement was signed during a meeting in London on Thursday between Simon Azzam, CEO of Union Properties, and Bernie Ecclestone, CEO of Formula One Administration Ltd, owners of the Formula One brand.
Following the signing of an agreement for developing the first ever F1 theme park in Dubai we are delighted with the signing of this license agreement allowing us to roll the concept out worldwide, said Mr Azzam. This is yet a further commitment and exemplifies the strong business relationship between Union Properties and the F1 Administration.
Having the exclusive rights to develop F1 Theme Parks around the world is an exciting challenge and ample reward for all our sustained efforts. This proves that our endeavors to maintain a high standard at all times have gained substantial recognition. We are starting in Dubai with the first ever F1 Theme Park, but this will only be one of many that eventually will be developed around the world.
Bernie Ecclestone commented: F1 is a worldwide brand and it is logical that if we do something it will be for the whole world at large. Our association with Union Properties (UP) means that we will start in Dubai and then together we will see where our next F1 Theme Park will be. UPs good reputation and 19 years experience as a developer were key factors that made this agreement viable.
The first F1 Theme Park in Dubai, which forms part of Union Properties unique MotorCity development, already has its full project team in place. Construction will commence next month, ahead of its scheduled opening in early 2009.