The construction of the Dubai amusement park suspended

Plans to build a Formula 1 theme park in Dubai have been suspended due to the financial crisis currently affecting the world.

The F1-X park construction project was inaugurated in Dubai in 2005. The real estate company then said it would dedicate $360 million (nearly 284 million euros) to the project. It was scheduled to open to the public at the end of the year.

However, due to a lack of bank liquidity and the poor health of financial institutions, the plan was suspended.

According to the company that issued a statement, the park could open around 2010.

« The project is based on a solid business model that withstands recession while allowing for the future growth of Dubai, » said Penny Fischer, marketing director of the F1-X park.

« To date, 50% of the work has been completed, the international expertise on the ground and the operational plans are nearly finished. We also believe that a financial partner could come forward in the coming days or weeks to provide some liquidity. »