Abu Dhabi company to sponsor Ferrari F1 team

LONDON, Jan 12 (Reuters) Abu Dhabi's Mubadala Development Company, who already own five percent of Italian carmaker Ferrari, have signed a three-year agreement to sponsor the Formula One team.

''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 One is growing ever stronger,'' said Ferrari chief executive Jean Todt in a statement.

Mubadala, an investment company owned by the government of Abu Dhabi, bought their stake in the FIAT-owned car maker from Mediobanca in July 2005.

Ferrari said the company's logo will now appear on the cars and drivers' caps. No financial details were given.

REUTERS PDS HS1638