Dubai, October 16, 2005 - Today, in Shanghai at the Chinese Grand Prix, Union Properties, the Middle East's leading property development company, has signed an agreement with Formula One Administration to build the first-ever Formula One™ theme park at MotorCity, Dubailand, Dubai.

Developed by Union Properties in conjunction with Formula One Administration Limited, Formula One™ theme park will be a visionary and permanent theme park offering unparalleled access to the world's most popular annual sporting series and feature state-of-the-art fun and entertainment facilities for all ages, all 'under one roof'.

The $360 million development, spread over 5 million square feet, will include a hotel and advanced conference centres, offering the global corporate community unique and truly original business facilities.

Bernie Ecclestone, CEO, Formula One Administration Ltd. said:
"I'm pleased to be working with Union Properties and have every confidence that they will deliver an outstanding development, which Formula One fans the world over will enjoy".

Anis Al Jallaf, Chairman, Union Properties said:
"We at Union Properties are delighted to be associated with Formula One and are intent on creating the most exciting and imaginative theme park in the world. This is another landmark in the rapidly developing landscape of 21st Century Dubai and is in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Dubai Crown Prince and UAE Minister of Defence."

The project is scheduled to begin construction in 2006 and will be completed in 2008.