The first Ferrari World opened in Abu Dhabi in 2010

Plans to develop the world's second Ferrari World in the Spanish city of Valencia have been revived after the local government announced its support for the scheme.

The Generalitat Valenciana - the region's governing body - is in talks with Middle East-based private investment fund Alrasoul, which could see it donate publicly owned land to house the 1bn euro (US$1.27bn, £797m) theme park and visitor attraction.

The plans to build a Ferrari World in Valencia were first announced in 2009 but were put on ice soon after due to the economic crisis in Europe.

The proposed land is adjacent to the existing Circuit Ricard Tomo racing track, which has a capacity of 120,000 and hosts a number of events each year - including MotoGP and testing sessions for Formula One teams.

According to local media, Alrasoul will provide 30 per cent of the cash from existing funds, with the rest being financed by two banks - Credit Suisse and Banco Santander. No public money would be used for the actual development of the attraction.

If the dicsussions between Alrasoul and local government are successful, construction on the new theme park could begin as early as January 2013 with a projected opening date in 2015.

It will become the second Ferrari World-branded attraction, the first having opened in Abu Dhabi, United Arab Emirates, in November 2010.

To read an interview with the Ferrari World team at Abu Dhabi, click here to read Attractions Management, Q4 2010.

For more information on the plans for Abu Dhabi's Yas Island (including Ferrari World), click here to access Attractions Management, Q1 2011.