Mubadala extend Ferrari contract

Abu Dhabi: Mubadala have extended their sponsorship of Ferrari's Formula One team by another year which is until the 2010 season.

The announcement came after a live screening of the Australian Grand Prix yesterday morning at the Hilton Hotel and Sara Al Shorouqi, Marketing Communications Manager, Mubadala said, "We first signed a three year deal in 2007, taking us up to the end of 2009. We have now decided to extend the agreement to the end of the 2010 season."

"The newly-negotiated partnership raises Mubadala's visibility throughout the 2008-2010 seasons through more prominent branding on the nose cone of Ferrari F1 cars, renewed access to the drivers and test drivers, Mubadala branding at Fiorano - Ferrari's Italian test track - and Ferrari's reigning world champion, Kimi Raikkonen, and his team-mate, Felipe Massa, contracted to wear Mubadala branded caps," said Al Shorouqi.

"The extension to this agreement underlines Mubadala's ongoing strategy to form partnerships with world-class businesses" said Waleed Al Mokarrab Al Muhairi, COO of Mubadala.

Mubadala, an investment and development company established and wholly-owned by the Government of the emirate of Abu Dhabi, owns a five per cent stake in Ferrari, which was purchased in 2005.

"The Ferrari partnership has worked very well, complementing our efforts to take the Mubadala name across the globe and open new business avenues.

"This emphasises our commitment to providing strong financial returns for our shareholders and new directions for the expansion and diversification of Abu Dhabi's economy," said Al Shorouqi.