26/02/2009
NEWS STORY
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It would appear that nobody is safe when it comes to the global economic crisis.
For some time, despite the media hype, Dubai has been struggling. Much like the Internet boom and subsequent implosion at the turn of the millennium, the United Arab Emirate state is finding it tough to survive when you have no real assets, and you don't actually produce anything of substance.
With precious little to call on in terms of oil resources, unlike its neighbours, the glitzy playground of the not-so-rich but vulgar is experiencing hard times, having to rely on a bail-out from oil-rich Abu Dhabi.
Consequently, it comes as no surprise to learn that one of the many building projects that has been shelved is the much-hyped F1-X Formula One theme park.
It has been revealed that the $360m project unveiled in 2005, has been temporarily shelved with organizers admitting that the launch be postponed until 2010 at the earliest.
In a brief statement announcing the decision to delay the opening, organizers said: "Due to the drying up of liquidity from banks and financial institutions, the F1-X plan has been suspended.
"The project is founded on a strong business model that withstands recession whilst allowing for the future growth of Dubai," added Marketing Director Penny Fischer. "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."
The news comes just days after organizers of the Ferrari World theme park in Abu Dhabi announced that this has also been 'delayed'.