Formula One news
Company acquires rights to build F1 theme parks
10 November 2006Union Properties, one of the leading property investment developers in the region of Dubai and Formula One Administration Limited, owners of the Formula One brand have signed a license agreement giving Union Properties the exclusive rights to develop F1 Theme Parks around the world.
The first F1 Theme Park in Dubai, which forms part of Union Properties' unique MotorCity development, has its project team now all fully onboard. Construction activity will commence on site in December 2006 and the Park is scheduled to open its doors to the public in early 2009.
The development is spread over 5 million square feet and will include a hotel, F1 Museum, F1 Pavilion, various F1-themed thrills from roller coasters to F1 grid experiences, simulator rides plus extensive retail and dining options.
This exciting project will be a huge hit with loyal F1 fans as well as being a first class leisure destination for the whole family to enjoy and is designed so that each and every visitor leaves having experienced the fast paced, exhilarating and exciting world of F1.
The agreement was signed during a meeting in London between Mr. Simon E. Azzam, CEO, Union Properties and Mr. Bernie Ecclestone, CEO, F1 Administration Ltd.
Upon signing the contract Mr. Simon E. Azzam said: "Following the signing of an earlier agreement for developing the first ever F1 Theme Park in Dubai we are delighted with the signing of a new license agreement allowing us to roll the concept out worldwide. This is yet a further commitment and exemplifies the strong business relationship between Union Properties and the F1 Administration."
He added: "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."
Formula One Administration CEO, 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 means that we will start in Dubai and then together we will see where our next F1 Theme Park will be."
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