F1 popularity in the Middle East waning
F1-X is mid-way through construction and was scheduled to be opened later this year, but Union Properties announced in a statement that its board have frozen the project at least until 2010 due to the global recession.
"It is hard to believe that a financial partner will not come forward in coming days or weeks to capitalize on the opportunity," marketing director Penny Fischer said.
The theme park was to boast a hotel, formula one museum and various grand prix-themed rides, simulators and rollercoasters.
02/25/09 Reports from the Middle East suggest that F1-X, the Formula 1 theme park in Dubai, has been postponed by developer Union Properties. It seems that the project has run out of money. The plan was to fund the park with the sale of houses, but the collapse of the UAE property markets has meant that income dried up and with banks unable to loan money and the government showing no interest in saving the project, it seems that the whole thing has been shelved.
This comes just a few days after rumors that the Ferrari World theme park in Abu Dhabi has been delayed a year. Grandprix.com
[Editor's Note: With oil prices down, revenue for the Middle East countries has dropped significantly and all of a sudden their taste for expensive F1 is dropping like a lead anchor.]