For many years, the Ontario racing scene has been overrun with rumours of a new racing facility to the west of the Toronto area. Tales of changed owners, possible potential locations and aborted attempts have all fanned the flames but nothing ever materialized. Yesterday, an announcement was made that puts all that conjecture to bed and possibly answered the question of when Canada will finally get a real NASCAR race.
The Kuwaiti Islamic investment bank Bayt Al Mal Investments has announced that they will build a 1 mile oval complete with a 2.5 mile infield road course and seating for up to 100,000. The project is slated to cost $200 million and create 1,200 jobs. Perhaps the biggest key here is that it will be located in Fort Erie, just down the road from Niagara Falls.
The implications for this are huge. First of all, it will quite obviously be the undisputed home of NASCAR in Canada. What may be a little less obvious is that the greater goal must be to host the Canadian Grand Prix. That’s right, I said the Canadian Grand Prix.
Much has been said about the financial problems leading up to Canada losing the 2009 Formula 1 race and how F1 wants modern facilities with tons of money like the one in Dubai. Welcome to the Niagara region folks!
Consider the location: hundreds of hotels within a 20 kilometer range, and only a few kilometers from the world famous Niagara Falls. Smack dab in the middle of Toronto and Detroit. This may perhaps be the best located track in all of North America!
Check out the full press release after the break
14 October 2008
Kuwaiti Islamic investment bank spearheads finance for motor-sports complex – initiative to create 1,200 jobs & C$34 million annual tax revenue
An investment consortium led by Kuwaiti Islamic investment bank Bayt Al Mal Investments will bring a major motor-sport, entertainment and commercial complex to the Niagara region of Ontario and with it, additional foreign direct investment (FDI), jobs and tourists from across the US-Canadian border.
“This is an outstanding example of how FDI supports growth in Ontario,” Bayt Al Mal did their homework, recognized Ontario’s tremendous potential and made a wise decision to invest here. This investment is only the beginning and will help to widen the investment corridor between the Middle East and Ontario,” said The Honorable Sandra Pupatello Minister for International Trade and Investment, Ontario, Canada.
Bayt Al Mal has seized a first-mover advantage in Ontario, and we certainly consider them a leader in this respect. On our part we are committed to providing the necessary support to help make this initiative a success,” she added.
Peter Partington, Regional Chairman for Niagara, underscored the substantial economic impact of the investment.
“This project will generate over C$34 million per year in new tax revenue alone and create over 1,200 jobs. The region will receive a huge shot-in-the-arm through increased economic development and tourism.”
Looking ahead Shams Faiz, Chief Operating Officer at Bayt Al Mal Investments stated, “Our aim is to be a GCC-Canada investment specialist and we will soon be announcing our ‘Invest Canada’ program that will open a number of well studied investment projects for our regional investors.”
Bayt Al Mal has already acquired 623 acres of land in Fort Erie, six kilometers from the US-Canadian border, where this master-planned complex will be built.
“This is a strategic location giving us access to a motor-sport fan base of over 120 million people,” said Faiz,
“This is a vanguard project being the first GCC investment of this magnitude in Canada which also gives Bayt Al Mal a market-leading edge. Having successfully secured this transaction, we are now exploring other potential business opportunities in Canada.” said Suleiman AlQimlas Chairman Bayt AlMal Investment.
“We have invested significant capital and management resources in Canada and have developed major alliances that will provide our investors with a unique advantage in accessing high quality high return investment opportunities there. We have local presence in Canada through our subsidiary Emirates Consulting, which oversees our investor interest and helps us in developing proprietary transactions and business relationships,” added Faiz.
“We have been working closely with Bayt Al Mal for the past 18 months”, stated Mayor of Fort Erie, Douglas Martin whose city will host the complex. “This agreement has generated great excitement and anticipation amongst my regional colleagues and my fellow Mayors of Niagara Falls, St. Catherines, Welland, and Port Colborne.”
FACT FILE:
* Bayt Al Mal has purchased 623 acres of land in Fort Erie, six kms from the U.S. border.
* It would hire 1,200 people to construct the facility, and 120 full time employees to run the ongoing operation
* Currently, over seven engineering firms with 45 Ontario based engineers and consultants have been engaged by the project.
* Initially a 65,000 seat facility, expandable to 100,000, will encompass a 1 mile oval track and 2.5 mile road course essential to the broader economy.
* Bayt Al Mal’s local partner managing the Fort Erie initiative is Toronto-based Emirates Consulting.
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It does look like a go but you can be sure the Nimbys will pop up and probably go to the OMB which will inevitabtely delay things although with the Provincial Govt. in favour it may get fast tracked. The Niagara regon has been hard hit with plant closures (John Deere and GM and others). The fruit industry has been hard hit with foreign comp., although the wine industry has been doing well.
I cannot see a 2 1/2 mile road course within the confines of a 1 mile oval. I feel they will have to go outside of the oval. It will also be flat, except for the oval banking. and I have never seen the concept really work and that includes Daytona and Indy where they have 2 1/2 mile ovals.
Thanks for the email heads-up Gary, but alas… you’re um let me count…. five days late and a dollar short.
Although I will admit my story didn’t include the latest announcement of who exactly was the Middle Eastern partners.
Doh!
I guess I should read your feed more closely huh?
Well did they check to see the source of the funds before allowing the investment.. one reason NASCAR may not want anything to do with it:
Bayt al-Mal, AKA Bayt al-Mal Lil Muslimeen, is a Hezbollah-controlled organization that performs financial services for the organization. In Arabic, the term is used as “House of Money.”
Bayt al-Mal operates under the direct supervision of Hezbollah Secretary General Hasan Nasrallah. As Hezbollah’s main financial body, Bayt al-Mal serves as a bank, creditor, and investment arm for Hezbollah. Husayn al-Shami is the head of Bayt al-Mal.
It has branch offices in: Harat Hurayk, Beirut, Lebanon; Burj Al-Barajinah, Lebanon; Sidon, Lebanon; Tyre, Lebanon; Al-Nabatiyah, Lebanon; Ba’albak, Lebanon; and Hirmil, Lebanon.
Bayt al-Mal utilizes the Yousser Company for Finance and Investment to secure loans and finance business deals for Hezbollah companies.
According to Mr. Stuart Levey, U.S. Department of Treasury’s Under Secretary for Terrorism and Financial Intelligence (TFI),”Bayt al-Mal functions as Hezbollah’s unofficial treasury, holding and investing its assets and serving as intermediaries between the terrorist group and mainstream banks.”
The central headquarters of Bayt al-Mal was located in Hezbollah’s stronghold in Beirut’s southern suburbs.
Hmmm….
Imagine that….bad politics, money and racing. Who woulda thought?
If the municipality and the Ontario Gov’t are going to get involved in something this big let’s do it right the first time.. the OMB should have known or out to have investigated .. done their due diligence in order to ensure that the source of the funds for this size of investment does not come from questionable or illegal sources. I believe Hezbollah is still identified as a terrorist organization in Canada. NASCAR always has been concerned and would be concerned as to who their brand is associated with..I don’t pretend to speak for them but.. nuff said. Do your own research.. took me 5 minutes to find the source.
LB
I believe it took you 5 minutes to do the research, because what you have stated is utter BS.
Bayt Al-Mal strictly translated means ‘House of money’, but is actually a term used in Islamic Countries meaning ‘financial institution’ or ‘treasury’ or ‘central bank’.
What you have done is link the Hizbollah’s ‘treasury’ with a Kuwaiti ‘financial institution’ because they both use the terms ‘Bayt Al-Mal’.
You might as well claim that the worlds central banks are linked to terrorism as Iran too has a ‘Central’ bank.
Leave the due-diligence to the experts buddy.