Ferrari Lending Name for F1 Theme Park in Middle East

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May 11, 2006 | 04:40 AM

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Ferrari Lending Name for F1 Theme Park in Middle East

Luca di Montezemolo, Ferrari chief, says the planned Abu Dhabi F1 theme park can go ahead and use Ferrari's name, but not its money. We assume the attractions will be air conditioned. (Photo courtesy of auto.paginablog.nl)

ABU DHABI, U.A.E. — Ferrari has elected not to invest in a new theme park that's planned for the United Arab Emirates but will license its brand to the local development company that is building it.

The Gulf News quoted Ferrari boss Luca di Montezemolo as saying: "Everything is going according to plans and the theme park will have its inauguration in 2008 and it will be completely open in 2009…Ferrari gives the license and that's it. We will not be an investor in the park."

Plans for the world's first theme park built around the Ferrari concept were announced last fall. The park will be built on land near the Al Raha Beach here. It will include a full-size racetrack as well as Ferrari-themed rides, motoring activities and other attractions, including the first Ferrari store in the region, according to Italiaspeed.com.

Abu Dhabi's Mubadala Development Company acquired a 5 percent stake in Ferrari in 2005. Montezemolo was quoted as saying, "There are no plans for Mubadala to increase its equity in Ferrari in the short term at least."

What this means to you: It's a good time in the UAE.

Source: http://www.edmunds.com/insideline/do...cleId=115336#2