Dubai’s Union Properties (UP) has renewed plans to build a $163m (AED600m) motor racing theme park in Dubailand, it revealed on Wednesday.
The company said that it is currently developing a feasibility study for the project, which was cancelled in 2013, forfeiting a $10m signing-on fee as well as other expenses incurred.
UP would consider financing options once it has received clearance to proceed with the plan, it told the Dubai bourse.
The masterplan will be revised however, making the original theme park designs smaller and more affordable while relocating half the land for mixed-use development. More info
By Jumana Abdel-Razzaq on Dec 22, 2016 www.constructionweekonline.com