Formula One theme park 'suspended'

The construction and opening of a Dh2.48billion Formula One-themed development in Dubailand has been suspended due to the global financial crisis.

Developer Union Properties yesterday said a board decision had been taken to stop work at F1-X due to a shortage of liquidity from banks and financial institutions. The suspension will delay the opening F1-X Dubai from this year until the next, the company said.

Penny Fischer, Marketing Director from F1-X said: "The project is founded on a strong business model that withstands recession whilst allowing future growth of Dubai."

Union Properties says the F1-X Dubai, when completed, will attract more than one million people a year.