Follow usSaudi Arabian energy giant Aramco has inked a new five-year sponsorship deal with the Aston Martin Formula 1 team, as reported by Reuters.
Previously, the team had Aramco and U.S.-based IT company Cognizant as sponsors, with Cognizant remaining a strategic partner.
The Saudi Arabian Public Investment Fund recently increased its stake in Aston Martin to 20.5%. Canadian billionaire Lawrence Stroll owns the Formula 1 team and is the majority shareholder in the automotive company.
“We have enjoyed a significant strategic partnership with Aramco thus far, and their commitment as our primary sponsor for the next five years is a clear demonstration of our shared ambitions,” stated Stroll in a statement.
“Since 2022, they have played a crucial role in Aston Martin’s Formula 1 journey, and their contribution will become even more substantial in the coming years,” he added.
Aston Martin finished last season in fifth place among the teams, thanks to its drivers Fernando Alonso and Lance Stroll. The team will switch from Mercedes to Honda engines starting from 2026.
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