The attacking midfielder left Madrid for the Gunners on deadline day of the summer transfer window for a transfer fee believed to be in the region of £42 million.
And Fabregas insists Ozil will prove to be a fine addition for his former team.
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"I could identify with him really well as we have a similar style of play. He's an amazing signing for Arsenal."
The midfielder then went on to stress that he has no intention of leaving Barcelona in the foreseeable future after rejecting a move to Manchester United earlier this summer.
"I enjoy a difficult challenge and succeeding at Barcelona is perhaps the toughest challenge there is. I hope to retire here. Leaving Barca has never been in my head," he added.
"I knew that there were clubs where I could earn more money when I joined Barcelona, but returning here was my dream.
"I made more money at Arsenal than now at Barca. I will not even leave if I could earn twice as much somewhere else."
Fabregas, 26, has a contract with Barcelona until June 2016.