Abu Dhabi government-owned Mubadala Development Company said on Sunday it had extended its sponsorship of Ferrari's Formula One team by one year to 2010.

Mubadala had initially signed a three-year sponsorship deal with the team that was due to end in 2009, the company said in a a statement.

Last week, Etihad Airways, another Abu Dhabi state-owned firm, signed a three-year sponsorship deal with the Ferrari team, the Formula One world champions.

Mubadala holds a five percent stake in Ferrari.