According to recent reports, the Ferrari World theme park could be a few steps away from landing on Valencian land, apparently with no cost to the public purse.

In fact, the Generalitat Valenciana is said to be in negotiations with the Arab investment group Alrasoul Ltd, which would provide 30% of the funding. The rest would be paid by Credit Suisse Bank and Banco Santander.

The Ferrari theme park would be built next to the installations of the Ricardo Tormo Racing circuit in Cheste, and the total investment is an estimated 1 billion euros, while the land for the project of 1 million square metres would be provided by the regional government.

The park is expected to be similar in design to the one in Abu Dhabi, which boasts 20 attractions, including the fastest roller coaster in the world, race simulators and commercial areas. The works could take between two and three years to complete, creating no less than 500 jobs, and could start in 2013, if the negotiations succeed.

This project would mean a major economic boost to the Costa Blanca, while giving the region’s real estate market a long-awaited uplift.