Middle Eastern investment company Union Properties has put the brakes on the construction of its Formula One World theme park in Dubailand.

The multimillion-pound F1-X project — under development in partnership with the Formula One Administration (FOA) team — has been suspended until next year owing to the negative knock-on effects of the current financial crisis.

Penny Fischer, marketing director for F1-X, explained: “The suspension will delay the opening of the Formula One entertainment concept until 2010.

“With construction more than 50 per cent complete, the core of international expertise on the ground and operational plans virtually complete, it is hard to believe that a financial partner will not come forward in the coming days or weeks to capitalise on the opportunity.”

FX-1 is part of a huge 38 million sq ft (3.5 million sq m) automobile theme park called MotorCity, which will also feature the Dubai Autodrome, Business Park MotorCity, UPTOWN MotorCity and Green Community MotorCity.