Aramco Group announced on Tuesday the signing of a sponsorship contract with the Formula One World Championship, in the first step of this kind in the sports field of the Saudi oil giant.
"It entered into a long-term global sponsorship with Formula 1 +. This sponsorship will enhance the company's presence in front of a global audience of 500 million interested in motor racing. This is the first global sponsorship by Saudi Aramco for a huge sporting event," Aramco said in a statement.
The company explained that the move includes displaying its brand in racing tracks, on digital platforms and broadcasting means for the first-class sport.
Commenting on the move, Aramco's statement quoted its president, Amin Al-Nasser, as saying, "These partnerships are important to help us achieve our goals related to sustainable oil demand, as well as raising global awareness of Aramco's leadership role."
The move comes in light of the increasing Saudi investments in sports, which fall within the framework of the Kingdom's "Vision 2030" to diversify sources of income and reduce dependence on oil revenues.
In the past months, Saudi Arabia hosted a series of sporting events such as the Italian Super Cup and Spanish football, in addition to the Dakar Desert Rally early this year.
The 2020 edition of the Formula One World Championship is scheduled to start this weekend in Australia.