UP may cancel F1 theme park

02 March 2009

Dubai's third-largest property firm, Union Properties may have to cancel a proposed Formula 1 theme park if it fails to receive government cash or tap debt markets soon. Union Properties said it was suspending construction of the $460m theme park due to the financial crisis and the drying up of liquidity from banks. Some $263bn of projects had been cancelled or put on hold in the UAE.

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