Middle East Bank Pushing For NASCAR-Ready Track In Ontario

Ontario officials yesterday said that Middle East-based investment bank Bayt Al Mal Investments is "leading a group that plans to spend almost $172[M] to build a NASCAR-ready race track and entertainment complex" in Fort Erie, Ontario, according to Stephen Watson of the BUFFALO NEWS. Bayt Al Mal said that it "will build the 65,000-seat facility on a 623-acre parcel located less than four miles" from the U.S.-Canadian border. The complex "could be expanded to 100,000 seats, and it will contain both a one-mile oval track and a 2-mile road course." Fort Erie Mayor Douglas Martin said that the complex "could include retail shops, a hotel and space for research and development work." The bank "plans to build the race track to the specifications required to host a NASCAR race," and investors "intend to attract several different levels of auto racing to the track." Watson notes NASCAR officials have said that they "want to hold a top-tier race in Canada" (BUFFALO NEWS, 10/15). Martin: "It's on the road to being a done deal. ... We're not sure how long this will all take, but we're hopeful for a 2010 opening date. We still have a lot of work to do in a short period of time. We are going to need the help of the province and the region to make this work" (NIAGARA FALLS REVIEW, 10/15).