UAE-based Union Properties unfolds plans to build an AED 600 mn theme park development in Dubailand, reported Arabian Business on Sunday.

The long anticipated Formula One theme park at Dubai’s Motor City is finally coming to life at a cost of AED 600mn, Arabian Business reported. Plans now involve allocating 50% of the land to the theme park while the rest will be used for a mixed-use development.

According to the Arabian Business, initial plans for the Formula One theme park were put on hold during the global financial crisis. Back then, the company was to invest a total of AED 2 bn to build the theme park. Currently, given the price cut, Union Properties awaits Dubailand approval on the design adjustments as it still insists on the original plan, Arabian Business confirmed.