Ferrari is mulling further branded theme parks around the world in partnership with Abu Dhabi-based Aldar Properties, an executive from the Italian carmaker said.
Michele Pignatti, head of new business at Ferrari, confirmed that the Yas Island attraction will not be the only branded theme park by the Italian carmaker.
“[We will] be opening other ones in the world but we are not going to say where yet,” he told Arabian Business. “We have opened this one and let’s see the reaction.” The company “might be evaluating other countries for Ferrari World,” he said.
Ferrari World Abu Dhabi, part of the emirate’s $40bn Yas Island development, is poised to open to the public on November 4. The record-breaking 86,000 square metre attraction is the world’s largest indoor theme park and home to the world’s fastest rollercoaster, the 150mph Formula Rossa.
Ferrari partnered with state-backed Aldar Properties on the theme park and said the real estate firm remained its partner of choice for future Ferrari World projects.
“If we are looking in other countries we will definitely look with them,” Pignatti said. He declined to confirm whether the licensing agreement with Aldar was for single or multiple units.
The public opening of the theme park was delayed following the death of His Highness Sheikh Saqr Al Qasimi, the ruler of Ras Al Khaimah.
A soft opening for the media took place on October 27, however most of the theme park’s rides were not operating or were closed due to technical difficulties.
“I think if the public would have been there we would have been more under pressure and things would have been working,” Pignatti said. “The builders have moved out and we have moved in but we have not had the training time the theme parks have normally. “We will get there, we are Ferrari,” he added.
Ferrari World is set to have a positive impact on Abu Dhabi’s property market. Ferrari World Abu Dhabi is the first theme park dedicated entirely to the infamous Italian marque. (ITP Images)
The new Ferrari World theme park could boost real estate prices on Abu Dhabi’s Yas Island by as much as 25 percent, real estate agents and analysts told Arabian Business.
“Ferrari World is certainly going to impact Abu Dhabi’s property market in that the areas surrounding Yas Island such as Al Raha Beach and others will attract more visitors enabling these new communities to receive greater attention,” Loshini Lawrence, operations manager at the Better Homes real estate agency in Abu Dhabi told Arabian Business.
“Property in these popular locations will no doubt appreciate in time, especially once the communities are fully-developed,” he said.
Lawrence believes that, depending on the location, the impact on prices for properties close to the world’s first Ferrari-branded theme park could be “at least 20 to 25 percent higher than similar properties that do not offer the same.”
However, Jesse Downs, director of research and advisory at Landmark Advisory, was slightly more conservative about the short-term impact the park would have but believed the unique attraction would have a positive influence in the medium to long term.
“Based on our analysis, the opening of Ferrari World is not expected to have a short term impact on sale prices and sales volumes or rents and rental volumes. Assuming development plans proceed as expected, we could foresee a premium emerging in the medium to long term.”
The Ferrari-branded 200,000 square metre attraction, which was unveiled to the world’s media on Wednesday at Yas Island, will be the world’s largest indoor theme park and will contain around twenty rides, including the world’s fastest rollercoaster, the region’s first dueling roller coaster and a 4-D experience called ‘Speed of Magic’.
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