Winners & Losers at the Gulf

While the Ferrari World Abu Dhabi will open under a 200,000 square meter-large roof with Ferrari logo at the end of October 2010 (we reported earlier), the planned Formula 1 theme park in Dubai is on the brink of financial ruin. According to Formula 1 supremo Bernie Ecclestone, the real estate developer Union Properties based in Dubai intended to invest more than half a billion Dollars, but their plans were finally upset due to the financial crisis. Thus, the company is currently recording losses tried to be restricted by the sale of assets (according to international ratings agency Fitch, the property prices in Dubai have dropped by around 55 percent since the middle of 2008). According to motorsport-total.com, Ecclestone recently made clear that the Formula 1 theme park “will not happen”. (eap)