A Dubai-based firm Union Properties has just acquired 1.6 billion to construct a series of Ferrari and Formula 1 theme parks around the world. The company says that the first park will be in Dubai but that others will follow in Europe and in Asia. Simon Azzam, the project’s CEO, told the Bloomberg News Agency that a second theme park deal will be signed this year, probably in Europe and that work will soon begin on construction of the Dubai facility. The first park in Dubai is scheduled to cost $360m and is scheduled to open in 2009. Eat your heart out Disneyland.

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