ABU DHABI, United Arab Emirates (AP) - The oil-rich Persian Gulf state of Abu Dhabi has set out to build the perfect Formula One circuit.

And with plenty of money to spend, it's a good bet it will be one of the best when the city hosts an F1 race in 2009 for the first time.

"We will not only meet expectations, but exceed them without a doubt," said Ahmad Hussain, deputy director general of Abu Dhabi's Tourism Authority.

The US$40 billion (euro29 billion) project on Yas Island will likely remind many F1 fans of the Monaco Grand Prix, with part of the circuit on the streets and lots of space for yachts to get a view of the action from the sea.

Construction began in January on the 2,550-hectare (6,300-acre) site off the UAE's east coast, and only 5 percent of the 5.5-kilometer (3.4-mile) track is complete. It is expected to seat 200,000 spectators.

"It's going to be the most thrilling circuit in the championship," said Ron Barrott, chief executive of the state-owned
Aldar Property Development Company, which is building the track.

"There will be authentic Arab flair everywhere that will leave the spectators in no doubt that they are in Abu Dhabi."
The Yas Island circuit was designed by Hermann Tilke, a German who chose to split the course into 2.5 kilometers (1.5 miles) of street racing and 3 kilometers (1.9 miles) of dedicated racetrack.

The Abu Dhabi track will be the second Grand Prix circuit in the Gulf. There is also one in nearby Bahrain.
Motor racing is a huge part of the sporting culture in the Middle East. Hussain compared hosting Formula One events to staging the Olympics or the World Cup.

"The only difference is that Formula One comes to town every year," Hussain said.

The Yas Island circuit is expected to be completed by the end of 2008, and Abu Dhabi struck a deal earlier this year with Formula One to host eight races beginning in 2009. A date for the inaugural Grand Prix will be announced during the 2008 F1 season.

The facility will also boast 2,200 beds in seven luxury hotels and a marina with room for 150 vessels, including those longer than 60 meters (200 feet).

There will also be the world's first Ferrari theme park, where visitors will be able to test their skill behind the wheel of cars made by the Italian company and obtain a license from the world's first Ferrari driving school.