DUBAI - Abu Dhabi-based Aldar Properties is in talks with Ferrari about developing further projects under the Italian car maker’s brand in the UAE capital, including luxury accommodation, its chief commercial officer said on Thursday.
Mohammed al-Mubarak said the accommodation would offer the very best in housing, speaking at a press conference about the progress of its Ferrari-branded theme park.
Mubarak would not go into greater detail about future ventures with Ferrari.
Aldar is building the world’s first Ferrari theme park on Abu Dhabi’s Yas Island, the venue for this weekend’s inaugural Formula One Grand Prix.
Aldar owns 100 percent of Ferrari World, while the car maker will receive royalties for lending its name to the venture.
Mubarak said Ferrari World will open in the second half of 2010. He said construction of the indoor theme park's exterior has now been completed.
The 200,000 square metre complex will feature 20-plus amusement rides, including the world’s fastest roller coaster travelling at 200 km per hour.
The building’s roof will carry Ferrari’s famous yellow “prancing horse” logo, measuring 66 metres in diameter.
Aldar’s venture with Ferrari is just the latest partnership between Abu Dhabi and the car maker.
Mubadala, an Abu Dhabi-owned investment company, has a 5 percent stake in Ferrari and sponsors the Ferrari F1 team along with Abu Dhabi-owned airline Etihad Airways.
The car maker has been boosting its ties with the oil-rich emirate over the last couple of years in the face of declining sales amid the global recession as consumers, even the super-rich, cut back spending.
Ferrari has witnessed a 7-8 percent drop in worldwide sales in 2009, Vice Chairman Tiero Ferrari said on the sidelines of the press conference.
Ferrari said the Middle East has bucked the global downturn, with sales jumping 30 percent this year.
“The new car market is down generally ... but in the Middle East we have seen very healthy increases," he said.