The following article appeared in the Financial Times, written by James Mackintosh :

"Abu Dhabi's state investment company has bought a 5 per cent stake in Ferrari, the Italian sports car manufacturer owned by Fiat, in the latest investment in the European motor industry by oil-rich Gulf kingdoms.

Mubadala Development paid €114m ($137m) to buy the stake from Mediobanca, valuing Ferrari at €2.28bn. The valuation is the same as that paid by Mediobanca, the Italian investment bank, for a 34 per cent holding two years ago, and is regarded as high by financial analysts.

The investment follows Mubadala’s failed talks last year to become the largest shareholder in Volkswagen. In January Dubai paid $1bn to become the third largest shareholder in DaimlerChrysler.

The purchases are part of a push by Gulf states to use revenues from record oil prices to snap up European assets, which are also covering other sectors. Dubai spent £800m ($1.4bn) this year to buy Tissauds, operator of the Madame Tussauds' wax museums.

However, Abu Dhabi is trying to do more than just recycle cash into overseas investments.

As a result of its work with VW, which eventually resulted in Mubadala taking a 25% share in Leaseplan, a large car leasing business they bought jointly with a Saudi company, VW is setting up component and truck factories in Abu Dhabi. It hopes its relations with Ferrari will lead to joint developments in the Gulf, with a meeting planned for next week to discuss possibilities.

“The strategic alliance with Mubadala, and therefore the Government of Abu Dhabi, is set to bring us compelling and dynamic new strategies especially in the Middle East and North African markets.” said Luca di Montezemolo, Chairman of Ferrari and of Fiat."

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