Dubai to have $360m Formula One theme park

Dubai's Union Properties has signed an agreement with Formula One supremo Bernie Ecclestone to build a $360 million theme park in the emirate.

Formula One Administration (FOA) and the property development company said in a statement at the Chinese Grand Prix on Sunday that the project was scheduled to start next year and would be completed in early 2008.

It said Formula One World would be a permanent theme park at Dubai's MotorCity, offering "entertainment facilities, for all ages, all under one roof."

The development will include a hotel and conference centres.

Motorcity, a business park for the motor and the motor-related industries, is part to the Dubai Autodrome development.

Dubai Autodrome is a fully integrated automotive and motor sports facility. It has a FIA sanctioned 5.39 km motor racing track, international standard pit lane complex with a "state-of-the-art" grandstand accommodating over 7,000 spectators as well as providing modern hospitality suites for corporate customers.

There is only one grand prix in the Middle East at present, in Bahrain.