Formula 1 theme parks are to be built worldwide after Bernie Ecclestone signed a deal with a property investment company – with the first to open in Dubai in 2009.
United Arab Emirates developer Union Properties reached an agreement with the F1 supremo in October 2005 to create the first such park in the Middle East and on Thursday sealed an exclusive rights deal allowing it to roll the concept out across the globe.
Although the venues for further parks have yet to be finalised, both the developer and Ecclestone are excited about the potential of the project.
“Following the signing of an agreement for developing the first ever F1 theme park in Dubai, we are delighted with the signing of this licence agreement allowing us to roll the concept out worldwide,” said Simon Azzam, CEO of Union Properties.
“This is yet a further commitment and exemplifies the strong business relationship between Union Properties and Formula One 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 endeavours 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.”
Ecclestone added: “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 means that we will start in Dubai and then together we will see where our next F1 Theme Park will be.
“UP’s good reputation and 19 years experience as a developer were key factors that made this agreement viable.”
Construction on the Dubai Park will start next month and is set to include entertainment facilities, conference centres and a hotel.
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