Ferrari and ALDAR Properties have today announced an exclusive agreement to develop an innovative and exciting Ferrari Concept in Abu Dhabi themed around the prestigious and renowned Ferrari brand.

The development will provide entertainment for the whole family and the initial concept envisages a race track, numerous rides and attractions, an opportunity to allow visitors to learn the story and history of Ferrari, to participate in Ferrari motoring activities, and to experience the Ferrari brand also through virtual simulations. Another important feature of the facility will be an advanced and sophisticated circuit where tests and driving courses will be organised, as well as races.

The concept will also include hotels, retail, residential and hospitality elements embracing the design ethics of the Ferrari brand.

Making the announcement, ALDAR's Chairman Ahmed Ali Al Sayegh said: "Mubadala'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 the Ferrari Brand 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 be then be constructed on a fast track, targeting a public opening in 2008."Commenting on the announcement, Jean Todt Ferrari's Director General 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 sportive and driving activities will have a special appeal for all Ferrari enthusiasts and pilots".

Giulio Zambeletti, Brand Development and Partners Director of Ferrari added: "Ferrari products and stores are having a great success worldwide; hence the confirmation 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 - without doubt it will make the Emirate a destination of choice within the region, as well as providing a strong and profitable income base for ALDAR's balanced and diversified real estate portfolio."