Dubailand F1 theme park nears starting line

Union Properties will award the contract for the Formula One theme park at its MotorCity project in Dubailand within the next six weeks.

According to the Union's CEO, Simon Azzam, five companies have been shortlisted for the contract, which will include all infrastructure surrounding the theme park and possibly a 250-room hotel.

The total cost of the project is around US $350 million (AED1.2 billion). "The rides themselves will be installed by specialist companies from Europe. This will take up about 40% of the theme park," said Azzam.

"The construction contract involves the infrastructure, roads, some buildings and possibly a hotel, which will be six or seven storeys high."

Union Properties signed a license agreement with Formula One Administration last November giving it the exclusive rights to develop F1 theme parks around the world.

The F1 theme park will be spread over 465,000m2 and is scheduled for opening in early 2009.

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