Saudi oil giant Aramco has signed on as a global sponsor of Formula One, the firm said Tuesday, in a move seen as part of the conservative kingdom’s drive to soften its international image.
“Aramco, the world’s largest integrated oil and gascompany, today announced a long term global sponsorship with Formula 1,”the company said, announcing its first ever major sports sponsorship deal.
Under the deal Aramco will have trackside branding rights atmost races, title rights to the US, Spanish and Hungarian Grands Prix in 2020as well as brand exposure through broadcast and digital platforms.
Saudi Arabia, under fire over human rights abuses, hasaccelerated investment in glitzy sports and entertainment events in a bid toimprove its reputation and boost jobs and investment in the sectors.It recently hosted the world’s richest horserace following up on staging the Italian and Spanish football Super Cups amongother high-profile events. Critics have accused the country’s rulers of”sportswashing” to improve their image without tackling underlyingissues.