The newly negotiated partnership - which sees an additional year added to the original three year deal signed in early 2007 - now covers Mubadala's involvement in Abu Dhabi's first two Formula One Grand Prix in 2009 and 2010 through the Ferrari car.
The new deal 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.
"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, which also bought a five percent stake in Ferrari in 2005.
"This association has opened up new avenues for Mubadala to conduct business globally and reiterates our commitment to providing strong financial returns for our shareholders and new directions for the expansion and diversification of Abu Dhabi's economy."
The Ferrari team contested a close 2007 Formula One season with Raikkonen clinching his first driver's championship in his debut season for the Italian outfit. The team also took the constructor's title - the 15th in their history - making them the most successful Formula One team in the sport's 58 years.
And Ferrari's CEO, Jean Todt, believes that through the Mubadala partnership there is more to come: "Ferrari's strengthened relationship with Mubadala signals both companies' dedication to continuing research into innovation and cutting-edge technology, as well as cementing the passion to be part of a world-class team. Abu Dhabi has embraced the Formula One spirit and with the staging of a championship race there next year this partnership can only go from strength-to-strength.
"As we look to embark on another record breaking season, the support of Mubadala will be a key component."
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Mubadala revs up sponsorship of Ferrari F1 Team to 2010
- United Arab Emirates: Sunday, March 16 - 2008 at 16:10
- PRESS RELEASE
Mubadala Development Company (Mubadala), a strategic investment and development vehicle established and wholly-owned by the Government of the emirate of Abu Dhabi, has extended its sponsorship of Ferrari's Formula One team to 2010.
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About Mubadala Development CompanyMubadala Development Company (Mubadala), is a strategic investment and development vehicle established and wholly-owned by the Government of the emirate of Abu Dhabi. At the core of its strategy, Mubadala makes long-term, capital intensive investments to build profitable and sustainable businesses that contribute towards robust and integrated industry sectors.
Mubadala partners with world-class organizations that have proven expertise in industries such as aerospace, energy, technology, real estate and healthcare. These partnerships set the highest standards for quality in every sector and create a benchmark for business excellence in the region. As a developer, investor and international partner, Mubadala has a clear mandate to diversify the economy of Abu Dhabi and generate sustainable economic benefits for the future of the Emirate, its people and the region.
For more information please contact:
Sandra El Rousan
Assistant Manager, Communications Unit
Tel: +971 (0) 2 616 0103
Posted by Lara Lynn Golden, News EditorSunday, March 16 - 2008 at 16:10 UAE local time (GMT+4)
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