NOVEMBER 14, 2005
Now everyone is into theme parks
Ferrari has announced that it is to establish its own theme park in Abu Dhabi, in league with ALDAR Properties, a real estate development company whichis controlled by the Mubadala Development Company. Mubadala is a wholly-owned investment vehicle for the Abu Dhabi government which was established in order to generate sustainable economic benefits for the emirate. Mubadala, which is chaired by Abu Dhabi's Crown Prince Prince, Sheikh Mohammed Bin Zayed Al-Nuhayyan is also the owner of five percent of the Ferrari company which was acquired last summer.
Another ALDAR shareholder is the Abu Dhabi National Hotels Company, which is also government owned. This is working to increase tourism in the country.
The development will include a racing circuit plus rides and attractions and historical displays about Ferrari. The track will be used not only for racing but also for testing of Ferrari products in warm weather conditions. The project will include a hotel plus retail and residential areas.
The plan is to open the new theme park in 2008.
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