Grapevine: F1 Theme Park to open worldwide

The plan to build Formula One's Theme Park in Dubai was unveiled in October last year, with the property company saying it would spend $360m in the 'Formula One World' project.

The park is scheduled to open its doors to the public in 2009.

Property investment developers Union Properties have now won the exclusive rights to develop more theme parks around the world, even before work has began on the Dubai one.

"This is yet a further commitment and exemplifies the strong business relationship between Union Properties and the F1 Administration," said Simon Azzam, CEO of Union Properties.

"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."

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 (UP) 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."