Dubai's UP to develop theme park under $163m plan
"Longstanding plans" to develop a $163.3m mixed-use project in Motor City that will include a theme park have been finalised, an official from Union Properties said
Dubai's Union Properties has reportedly finalised "longstanding plans to build a $163.3m (AED600m) mixed-use project" in Dubai Motor City, which is set to include a theme park.
The company's previous development plans include a Formula One-branded Dubai theme park worth $544.4m (AED2bn) that was put on hold in 2009 and said to have been cancelled in 2013.
Chiarman Khalid Bin Kalban recently told Arabian Business that the development's original land usage plan has been revised.
He added: "The land was allotted to a theme park development, but a feasibility study said the cost would overrun to as much as $544.4m.
"We have now redesigned the land usage plan, with 50% of the land allotted to a theme park and the remaining 50% to a mixed-use development.
"The revised masterplan has been approved by Dubai Municipality, but is awaiting clearance from Dubailand, the master developer who was insisting on the theme park as it used to be. But that is not possible.
"We did ask them if they would come as a partner, but they were a bit hesitant. So, hopefully they will agree with our new concept," he added, according to the report.
The Link Motor City project, worth $81.6m (AED300m) and comprising a retail component and three-star hotel, would also be relaunched, the chairman said.
F1-X Dubai, a theme park dedicated to the Formula One car racing franchise, was scrapped in 2013 after a liquidity crunch following Dubai's property crisis forced the park to be put on hold in 2009.
Ahmed Khalaf Al Marri, Union Properties' general manager, told Arabian Business in 2013 that while F1-X Dubai would not be revived, the company was considering new theme park plans for the same site.