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The world's first theme park built around
the Ferrari concept is on track for opening in 2008 in Abu
Dhabi but Ferrari will not be an investor, the renowned
Italian brand's chief said yesterday, reports Stanley
Carvalho the Gulf News. Land has been identified
near the Al Raha Beach to build the park over several acres.
"Everything is going according to plans
and the theme park will have its inauguration in 2008 and it
will be completely open in 2009," Luca Cordero di
Montezemolo, President and Chief Executive of Ferrari, told
Gulf News. "Ferrari gives the licence and that's it, we will
not be an investor in the park," he said on the sidelines of
the Italy-Abu Dhabi Investment Forum. Abu Dhabi's Mubadala
Development Company picked five per cent equity in Ferrari
last year. "There are no plans for Mubadala to increase its
equity in Ferrari in the short-term at least," he said.
The park, complete with a full-sized race
track, will provide entertainment for the whole family with
numerous rides and attractions. Visitors will be able to
learn the story and history of Ferrari, participate in
Ferrari motoring activities and to experience the Ferrari
brand also through virtual simulations. The state-of-the-art
track will be used to stage tests and driving courses as
well as real races. There would also be Ferrari stores, the
first such in this region.
"The pace of development in the UAE
impresses me greatly. The cityscape is in constant evolution
and so is the business environment. The UAE certainly
represents a top priority for Italian companies. I am proud
of leading such an important entrepreneurial delegation and
ours is one of the largest business mission ever organised
in the UAE. We have 150 Italian entrepreneurs today in
various sectors on this delegation.
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"The UAE represents the most significant market in
the Middle East for Italian companies. The growth
rate of our exports was more than 17 per cent over
the last few years," said Luca di Montezemolo. |
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Shaikh Hamed Bin Zayed
Al Nahyan, Chairman of the Abu Dhabi Department of
Economy and Planning, and Luca Cordero di
Montezemolo, President and CEO of Ferrari, at the
Abu Dhabi-Italy Investment Forum this week. Photo
Abdul Rahman/Gulf News. |
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"Under the visionary leadership, the UAE is successfully
pursuing an ambitious programme of diversification from an
oil-based economy to an economy based on services and
industry. The changes that have taken place in Abu Dhabi
over the last 30 years are a clear example of how fast
business is done in this country. Italian entrepreneurs want
to be part and parcel of your efforts. Important results
have been achieved by your government to integrate your
economy in international trade. I refer to the full
membership of the WTO. Significant economic and legal
reforms have already been implemented, the privatisation
process and the infrastructure system are being developed at
full speed. We are aware that Abu Dhabi and the other
emirates are the leaders in this region in terms of economic
freedom index," added di Montezemolo, concluding: "The UAE
represents the most significant market in the Middle East
for Italian companies. The growth rate of our exports was
more than 17 per cent over the last few years."
New activity:
Abu Dhabi and Italy sign two accords
The University of Confindustria, Luiss,
Italy yesterday signed an agreement with the Higher Colleges
of Technology in Abu Dhabi to develop a Business Management
Master's degree course specifically dedicated to managers in
the UAE. Luca Cordero di Montezemolo, President of
Confindustria (Confederation of Industry, Italy), and Shaikh
Nahyan Bin Mubarak Al Nahyan, Minister of Higher Education
and Scientific Research, signed the agreement. Italy
Confindustria also signed an MoU with the Abu Dhabi Chamber
of Commerce & Industry to provide a stable and effective
instrument of cooperation for the new activities that would
be developed soon together.
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