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Union Properties Eyes Govt Help for F1 Park
DUBAI - Dubai’s third-largest property firm may cancel a proposed Formula 1 theme park if it fails to receive government cash or tap debt markets soon, despite expecting to return to profit in the first quarter.
Union Properties, Chief Executive Simon Azzam told Reuters in a telephone interview that the theme park, part of a multi-billion dollar MotorCity project in Dubai, was the company’s main short-term challenge.
Last week, Union Properties said it was suspending construction of the $460 million theme park due to the financial crisis and the drying up of liquidity from banks. “If I get the bond today then I can open the theme park by the end of this year ... Our only short-term challenge is the Formula One theme park and financing,” Azzam said. “Raising financing for that will happen, hopefully, through the bond or through government help.”
He said the issuance of Dh2.5 billion ($680.6 million) of non-convertible bonds, which were approved by shareholders in January, would happen “as soon as possible.”
Union’s shares fell more than 5 per cent in Dubai, its first trading day since suspending the F1 project, underperforming the market, which closed 0.66 per cent lower. Azzam said financial help from Dubai’s government was vital for helping property
sector.
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