Construction work has been suspended on the inaugural Formula 1 theme park in Dubai due to the impact of the worldwide recession.
Developers Union Properties announced on Thursday that the F1-X project, which had been due to open later this year, has been halted and the opening of the venue moved back to next year.
In a statement the property investment company said that the worsening economic climate meant credit wasn’t being made available for it to stick to the original schedule.
F-X marketing director Penny Fischer said: “The project is founded on a strong business model that withstands recession whilst allowing for the future growth of Dubai.
“With construction more than 50% complete, the core of international expertise on the ground and operational plans virtually complete, it is hard to believe that a financial partner will not come forward in coming days or weeks to capitalise on the opportunity.”
Union Properties signed a deal with Bernie Ecclestone in late 2005 to create the world’s first F1 theme park, with work beginning on the venue in December of the following year.
The park will include F1 themed rides, simulations and experiences with the developer also given rights to roll out the brand worldwide.