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Mubadala to Partner with the F1 in Schools Challenge

Mubadala Development Company, the development and investment company that is a catalyst for the economic diversification of the emirate of Abu Dhabi, today announced it will be the presenting partner of the F1 in Schools challenge.

30 May 2010

The UAE National Final of the premier technology challenge for students will be held on June 2 in collaboration with Yas Marina Circuit

Mubadala Development Company, the development and investment company that is a catalyst for the economic diversification of the emirate of Abu Dhabi, today announced it will be the presenting partner of the F1 in Schools challenge.

Mubadala will be supporting the Yas Marina Circuit in the organization of the UAE edition of F1 in Schools. Held in 30 countries, the program aims to capture student’s imaginations by appealing to the excitement of Formula 1 to foster a greater appreciation for engineering, science and technology among the younger generation. The multi-disciplinary challenge will provide students between the ages of 9-19 with the opportunity to design and race their own replica model Formula 1 cars at the UAE National Final to be held at Yas Marina Circuit in Abu Dhabi on June 2.

F1 in Schools, which aims to replicate the operations of a Formula 1 team, requires students to work in groups of 3-6 individuals to collectively plan, build, and eventually race their miniature CO2 powered F1 cars, which are designed from a single block of balsa wood. But before getting to this stage, students work alongside industry experts to create a business plan, manage a budget and source sponsorships for their venture, thus experiencing the many dimensions of the business of Formula 1 while simultaneously developing lifelong skills such as teamwork and communication that will benefit them in the future.

Mubadala’s support for the F1 in Schools challenge is in line with the company’s broader mission to diversify Abu Dhabi’s economy and ensure that the nation’s citizens are well equipped to enter into, and thrive in, the new economic sectors the investment company is creating in the UAE.

Homaid Al Shemmari, Executive Director of Mubadala Aerospace, said: “The F1 in Schools initiative is an exciting and unique project. As a young nation, we need to constantly develop our citizen’s capabilities, especially in highly skilled areas such as engineering and design. F1 in Schools is a fun and interactive way for young people to be introduced to other skills too, such as teamwork and analytical thinking.”

“As an organization, an important part of our mission is to diversify the economy of Abu Dhabi, and broadening the skill set of young UAE Nationals is a critical and important part of that process. The reception by schools and students to this programme has been truly inspiring.”

Richard Cregan, Chief Executive Officer of Yas Marina Circuit, added: “We are delighted to welcome Mubadala on board as a partner for our F1 in Schools programme. This partnership underlines the commitment of both Mubadala and Yas Marina Circuit to develop young, dynamic students that will benefit Abu Dhabi and the UAE.”

In the UAE National Final, teams will be judged on car speed, as well as their design, presentation and general business skills. At the conclusion of the UAE National Final, the winning team will compete internationally for the Bernie Ecclestone F1 in Schools World Championship trophy, which will be held in Singapore in September.

About Mubadala Development Company

Mubadala Development Company (Mubadala) is a catalyst for the economic diversification of Abu Dhabi. Established and owned by the Government of Abu Dhabi, the company’s strategy is built on the management of partnerships and long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi, and contribute to the growth and diversification of its economy.

Mubadala brings together and manages a multi-billion dollar portfolio of local, regional, and international investments and partners with leading global organizations to operate businesses across a wide range of industry sectors including aerospace, energy, healthcare, industry, information communications and technology, infrastructure, real estate and hospitality. For more information about Mubadala please visit http://www.mubadala.ae.

Mubadala Media Contact:

Salam Kitmitto
Edelman Public Relations
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M: +971 (0)50 800 8268