The kingdom’s leading company Aramco has signed a sponsorship deal with car racing Formula 1 as both pledged to “combine their shared expertise to identify opportunities for the advancement of sustainable fuels, enhanced engine efficiencies and emerging mobility technology”.
The benefits for the Saudi company per the deal announced on Tuesday by Formula 1 include trackside branding as well as title rights to the US, Spanish and Hungarian Grands Prix in 2020, Arabian Business reports.
Aramco became the sixth sponsor for Formula 1 alongside with DHL, Emirates, Heineken, Pirelli and Rolex.
The sponsorship deal is the first by the Saudi giant globally. The company believes that the partnership will help it deliver on its ambitions.
“We are excited to partner with Formula 1, a strong global sports brand with millions of fans around the world. As the world’s largest energy supplier and an innovation leader, we have the ambition to find game-changing solutions for better-performing engines and cleaner energy.
Partnerships like these are important to help us to deliver on our ambitions,” Aramco President & CEO Amin H Nasser said.