The Dubai-based Union Properties (UP) real estate firm recently announced plans to build the Middle East's first world-class motor racing facility in Dubai. The Autodrone and Business Park will be established at a cost of a 100 million Emirati dirhams ($27 million) and is set to be fully operational by June 2003.
The seven and a half square kilometer facility will feature a five-kilometer Formula One Race track and will be equipped with a grandstand as well as food and beverage outlets, function rooms and corporate facilities. Retail showrooms will cater for national and international companies in the motoring and motor sports industry.
Union Properties was set up in 1986 to manage the properties of Emirates Bank International. The group has an alliance with electromechanical services provider Thermo LLC, and Gmamco. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
