Dubai firm to borrow $1.6bn to develop F1 theme parks

The Dubai-based Union Properties says it is going to borrow $1.6bn from banks in order to finance the construction of a series of Formula 1 theme parks around the world. The company says that the first park will be in Dubai but that others will follow in Europe and in Asia.

The company's chief executive Simon Azzam told the Bloomberg News Agency that a second theme park deal will be signed this year, probably in Europe and that work will soon begin on construction of the Dubai facility. Union Properties has the licence to develop theme parks using the F1 brand. The first park in Dubai is scheduled to cost $360m and is scheduled to open in 2009.

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