Making the announcement, ALDAR's Chairman Ahmed Ali Al Sayegh said:
"Mubadala Development company's purchase of Ferrari shares earlier this year allowed ALDAR an opportunity to forge a relationship with one of the world's leading brands. We are delighted that this opportunity has swiftly progressed into an exclusive agreement, which has arisen from the natural synergy of ideologies and objectives between Ferrari and ALDAR. This relationship will allow ALDAR to create an exciting destination within Abu Dhabi which offers something for the entire family and underlines the already strong relationship between Ferrari and the UAE."
Mr Al Sayegh concluded: "To this end, we have immediately commenced our design programme, so that we can launch the development to the world very early next year. The development will then be constructed on a fast track programme, targeting a public opening in 2008."
Commenting on the announcement, Ferrari's General Manager Jean Todt said: "The agreement with Abu Dhabi offers Ferrari many opportunities. The site will be an important attraction for fans and car lovers worldwide, whilst the structures for sporting and driving activities will have a special appeal for all Ferrari enthusiasts and drivers".
Guilio Zambeletti, Brand Development and Partners Director of Ferrari added: "Ferrari products and stores are having a great success worldwide; hence this affirmation of the enormous potential that our brand can inspire. Ferrari and ALDAR are working together with a team of professionals from all over the world, on a project that will be a dream come true."
"We are extremely excited and honoured to be working with Ferrari on what will be a world class development," added Christopher Sims, ALDAR's CEO.
"We have engaged the world's leading designers and creative talents to ensure that this great project will be worthy of the Ferrari and ALDAR brands. When completed it will significantly add to Abu Dhabi's tourism offering, as well as providing a strong and profitable income base for ALDAR's balanced and diversified real estate portfolio."