UP in F1-X theme park funding talks

Khalid bin Kalban, Chairman of Dubai-based Union Properties has said that the company is in talks for sourcing funding for the $460m (Dhs1.68bn) F1-X theme park in MotorCity, but that no deals have yet been concluded, Emirates Business has reported. The developer has invested Dhs950m for the development of the theme park, but the project is currently not on its priority list as there is no commitment to third parties. The firm is also in talks to sell the Ritz-Carlton hotel in Dubai International Financial Centre and is in active negotiation with a number of parties.