Developer Union Properties has halted construction and postponed the launch of the first official formula one theme park in Dubai.

Developer Union Properties has halted construction and postponed the launch of the first official formula one theme park in Dubai.

F1-X is mid-way through construction and was scheduled to be opened later this year, but Union Properties announced in a statement that its board have frozen the project at least until 2010 due to the global recession.

"It is hard to believe that a financial partner will not come forward in coming days or weeks to capitalise on the opportunity," marketing director Penny Fischer said.

The theme park was to boast a hotel, formula one museum and various grand prix-themed rides, simulators and rollercoasters.

 

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Global crisis halts F1 theme park project