Published February 22,2023
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Qatar Airways on Wednesday grew to become the primary sponsor of Formula One in a strategic new inroad by the rich Gulf state into worldwide sport, the airline introduced.
Industry sources mentioned the deal could be value a whole bunch of tens of millions of {dollars} to Formula One.
Qatar Airways chief govt Akbar Al Baker and F1 counterpart Stefano Domenicali introduced the accord in Doha forward of the beginning of the brand new season in Bahrain on March 5. They didn’t give the worth.
“Our combined global reach makes us a perfect match,” mentioned Domenicali in an announcement launched by Qatar Airways asserting the “global partnership”.
“We have been selective with picking the most selective sports events and sponsoring a variety of new and prominent initiatives,” Baker added.
Qatar’s state airline has taken over from Dubai rival Emirates, which had reportedly paid $25 million a 12 months since 2013. The United Arab Emirates refused a major improve when negotiations for a brand new long-term deal had been held final 12 months, media experiences mentioned.
The transfer provides Qatar, which hosted final 12 months’s soccer World Cup, affect in one other sport because it steps up a marketing campaign to grow to be a global sports activities hub.
Qatar, which has confronted criticism of its human rights report, has spent closely on bringing main occasions to the tiny state. Qatar Airways additionally spends massively on sports activities sponsorship.
A significant renovation of Qatar’s race monitor is being carried out for the return of a Formula One grand prix on October 8.
Qatar already owns France’s Paris Saint-Germain soccer membership and a Qatari banker has made a multi-billion greenback bid for English giants Manchester United.
Authorities are planning a bid to make Qatar the primary Arab nation to host the Olympics in 2036.
Source: www.anews.com.tr
