Ferrari nets Middle Eastern deal

Ferrari has signed a sponsorship agreement with Mubadala Development Company, an investment company owned by the Government of the Emirate of Abu Dhabi. In July 2005, Mubadala Development purchased a five percent stake in Ferrari from Mediobanca of Italy.

The Mubadala logo will feature on the Ferrari cars that will compete in the Formula 1 World Championship, as well as on the drivers' caps.

"We are pleased to have reached a sponsorship agreement with such a dynamic company as Mubadala, with whom we share important values such as the research into innovation and a passion for our work," said Ferrari boss Jean Todt. "Furthermore, this agreement strengthens our ties with the Emirate of Abu Dhabi, where a Ferrari theme park is being created in a State located in a region in which interest in Formula 1 is growing ever stronger."

The sponsorship deal is for three years.