Aramco now a global sponsor of Formula One

Paris - Under the deal Aramco will have trackside branding rights at most races

Saudi oil giant Aramco has signed on as a global sponsor of Formula One, the firm said on Tuesday, in a move seen as part of the kingdom's drive to become one of the leading sports destinations in the world.
"Aramco, the world's largest integrated oil and gas company, 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 at most races, title rights to the US, Spanish and Hungarian Grands Prix in 2020 as well as brand exposure through broadcast and digital platforms.
Saudi Arabia has accelerated investment in glitzy sports and entertainment events in recent times.
It recently hosted the world's richest horse race following up on staging the Italian and Spanish football Super Cups among other high-profile events.
Saudi Arabia also hosted the world's biggest international football clash between South American giants Brazil and Argentina last year.
In December, Britain's Anthony Joshua beat Andy Ruiz Jr on a unanimous points decision in Saudi Arabia to seize back the heavyweight world championship belts he lost to his Mexican-American opponent in a shock upset last June.
The 'Clash on the Dunes' in Diriyah was for the IBF, WBA, WBO and IBO titles in what was one of the most high-profile bouts in recent years.