A world-class motor speedway -- which will create 1,200 construction jobs and 120 full-time jobs once it is completed -- is on its way to Fort Erie.

Kuwaiti Islamic investment bank Bayt Al Mal Investments made the announcement with a press release this morning.

The facility is being built on 623 acres of land that Bayt Al Mal Investments has already acquired along the QEW six kilometres from the Peace Bridge.

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, according to the release. The exact location was not immediately released, nor was the type of racing the track would host.

"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.

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."

Fort Erie Mayor Doug Martin, who was in Dubai last week to finalize the deal, said the long-rumoured track was in discussion for more than a year.

"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."