Dubai's Union Properties has won the rights to develop Formula One theme parks around the world, the official Formula1.com Web site reported on Thursday.

The property development company signed an agreement last year to build a $360-million theme park, due to open to the public in 2009, in the Gulf emirate.

The Web site said Union Properties CEO Simon Azzam and Formula One's commercial supremo Bernie Ecclestone had signed an agreement in London on Thursday allowing the concept to become global.

"We are starting in Dubai with the first ever F1 theme park, but this will only be one of many that eventually will be developed around the world," said Azzam.

Construction on the Dubai project, at the emirate's existing MotorCity facility, will start next month and will include a hotel and conference centres.

"Formula One is a worldwide brand and it is logical that if we do something it will be for the whole world at large," said Ecclestone.