Union Properties has hired Ernst & Young to raise finance to complete its Formula One theme park at the Motor City development in Dubai.

The move comes as investors become increasingly cautious about Dubai’s property sector after Dubai World asked creditors last week for a six-month reprieve on debts totalling US$26bn (Dh95.49bn), the bulk of which is owed by its property units, Nakheel and Limitless.

Union Properties, Dubai’s third-largest property developer, has so far paid Dh950 million towards the theme park, which was half complete before being suspended in February, when the developer ran out of funds.

The National