Dubai: GPC Squadra Corse is the first private team that has announced it will compete for the $600,000 top prize in the brand-new Speedcar Series starting later this year.

Interest in the championship, based in Asia and the Middle East continues to grow, and GPC, which has a history of racing success in GT series with Ferrari, has confirmed it will enter two cars in the competition, which is set to begin in Dubai on November 10.

Giampaolo Coppi, team boss of GPC will now select two drivers for cars 20 and 21.

"I strongly believe this new series will deliver a great show, and will attract a great amount of commercial interest as it is based in Asia and the Middle East. Also there will be the opportunity to race some events in partnership with GP2 Asia and Formula One, giving added value to drivers and commercial partners."

As many as 24 drivers, including ex-F1 stars Jean Alesi, Johnny Herbert, Stefan Johansson, Narain Karthikeyan and Gianni Morbidelli, will take part in the first season, which will also include a mixture of international racers.

All the drivers will be aiming to win $600,000 prize for coming first in the championship.