Abu Dhabi’s Ferrari World has been named as one of the inspirations behind an ambitious £3.5 billion (Dh19.42bn) property development in London.
The veteran British property developer Sir Stuart Lipton named the world’s largest indoor theme park dedicated to the Italian car maker as an example of how the “brand flagship pavilions” at his Silvertown Quays project in East London would look and feel.
"People are looking for these immersive experiences," Mr Lipton told The Sunday Times. "You're not going to a showroom, you're not going to a sales place. They will tell you all about the heritage. You might find some old cars, some experimental cars, some current cars. They're selling the brand."
Ferrari World, which opened in 2010, is the only Ferrari-branded theme park.
Attractions include a ride where visitors can travel through a mock-up of the factory in Maranello, trips on mini-Ferraris, memorabilia and the fastest roller coaster in the world.
Mr Lipton and his backers, The Silvertown Partnership, are hoping to create a series of mini-theme parks for some of the best-known brands across 3 million square feet around a derelict flour mill in Silvertown close to City Airport in London’s Docklands.
The Silvertown Partnership is a consortium of Mr Lipton’s developer Chelsfield as well as the housing company First Base, which is run by his son Elliot and the Australian investor Macquarie Capital. It hopes such a project would attract 13 million visitors a year.
The project, over 62 acres, would include 3,000 homes, offices and a Covent Garden-style piazza. Since its announcement two years ago, the Silvertown Partnership has not found the £500 million it needs from investors.
Ferrari World was sold by the Abu Dhabi property company Aldar in 2011, less than three months after it opened, to the Abu Dhabi Government for Dh10.9bn.
Other attempts at brand museums or parks include World of Coca-Cola in Atlanta, the Guinness Storehouse in Dublin and Mercedes-Benz World in Surrey.
“For a limited number of really iconic brands, we are already seeing attempts at creating attractions where you can draw people and entertain and inform them,” said Andrew Campbell, managing director at Brand Finance Middle East.
“These things are often very hard to execute. Ferrari World has struggled because the sort of people drawn to the Ferrari brand would be driving enthusiasts, while the theme park is more geared towards children.”
lbarnard@thenational.ae
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
UAE currency: the story behind the money in your pockets
