The Abu Dhabi company Emirates Associated Business Group (EABG) refuted statements of Bulgarian authorities the group will invest in the project to build a Formula 1 racetrack.

The information was reported Friday by the Bulgarian daily "Sega" (Now), citing a company statement informing EABG had no intentions whatsoever to invest in any such endeavor and is so disappointed by the way the information got twisted around they would cancel all investment plans in Bulgaria all together.

The company's statement was sent to the media ("Sega") upon inquiry from reporters. The CEO of EABG, Raid Abu Hudra, is cited saying the group never before encountered such lack of professionalism and will do their best to warn all its partners to not invest in Bulgaria.

EABG was invited through a mediator from the Prime Minister's office to discuss possibilities of our inclusion in the Formula 1 project. We told him we would not be interested in such project, but he then mentioned there would be other investment possibilities and since we were in the region we decided to stop by and check what all this means, according to Abu Hudra.

The CEO further points out what has been accomplished so far for this project was not at all impressive and the Bulgarian side was told during the meeting the plan is in a too early stage, and most of all it does not have a socio-economic feasibility - the least that must be prepared before such large-scale endeavors.

Another stated problem is the fact the official pres releases of the Bulgarian Council of Ministers listed the company as State-owned, not private (as Novinite.com also reported, based on the official information) and its owner Mohammed Abdul Jalil al Blouki was presented as a Sheik, not as businessman (which Novinite.com corrected after making own research).

The company further says they asked for an official rebuttal from the Office of the PM, but are yet to receive it.

The news about the forthcoming construction of the F1 racetrack was first published on August 30 by the Ministry of Economy, Energy and Tourism, informing Minister, Traicho Traikov, has signed with the Chair (as reported by Novinite.com) of the Abu Dhabi State company Emirates Associated Business Group (EABG), which includes 67 businesses, Mohammed Abdul Jalil al Blouki, an economic cooperation memorandum providing for the funding of the construction of a potential Formula 1 track in Bulgaria. The press release further noted the project will be realized through a joint company in which Bulgaria will participate with land while EABG will provide financing and the future track will be managed year-round, according to the F1 schedule.

The cabinet's press center issued a similar press information saying after meeting the Sheik, PM, Boyko Borisov, had asked the Economy Ministry and Bulgarian Investment Agency to provide information on partnership opportunities in infrastructure, farming, IT, and land market.

Just two days ago, in a TV interview, Traikov said he was optimistic about the project's realization.

Borisov told "Sega" he was not surprised by the reaction of the company but referred them to former Interior Minister, Rumen Petkov, and now Member of the Parliament from the Socialist Party, and to the President of the Bulgarian Motor Sports Federation, Bogdan Nikolov, because they insisted Borisov meets with the people from Abu Dhabi. Petkov and Nikolov are the also ones who must explain why EABG was misrepresented, according to the PM.

Borisov declared he had no intentions of apologizing because he was not responsible for the blunder.

Just months ago, after a visit to Qatar, the PM announced the F1 track will be built by a Qatar-Bulgarian company, which never materialized, and meanwhile the project was offered to EABG.

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