A leading UAE property investment development company, Union Properties, has secured a deal with Formula One Administration (FOA), for the rights to develop a string of Formula One 'theme parks' around the world.

The deal was signed earlier today in London, by Bernie Ecclestone, CEO of FOA, and Simon Azzam, CEO of Union Properties.

Construction of the first F1 'theme park', in Dubai, is already underway, with the attraction due to open to the public in 2009. Today's agreement will see a string of further F1 attractions open around the world.

At a time when F1 appears to be shutting up shop in Europe, at least race fans will have the prospect of a 'theme park'.

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FOA agrees F1 'theme park' deal

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