The Dubai company Union Properties intends to borrow $1.6 billion from banks to build official formula one theme parks, the financial news service Bloomberg reports this week.
It was suggested late last year that the first ‘Formula One World’, to be built in Dubai and completed in 2008, would cost $360m.
Bloomberg now reveals that, after Union Properties gained licensing rights to build the parks, others are planned for Europe and Asia.
GMMF1
DailyF1News.com
