By Ed Attwood
Developer signs ‘official partnership’ deal with F1 team, value of contract undisclosed
Dubai developer Emaar has announced that it is entering the world of Formula One through a two-year sponsorship deal with the Lotus F1 motor-racing team.
The firm said in a statement that it was now the official partner of the British team, which is owned by Luxembourg-based investment firm Genii Capital.
Emaar did not reveal the size of the deal.
“Our partnership with Lotus F1Team, a remarkable team with impeccable credentials in the racing circuit, is therefore a perfect fit to our own values,” Emaar chairman Mohamed Alabbar said, in the statement.
“As they race at the Formula 1 Championship circuits across the world, we are truly honoured to extend our support to the Lotus F1Team, while also engaging with our international clientele and further defining the global identity of our brand.”
Emaar joins a list of other UAE companies that have sponsorship deals related to Formula One, including Emirates Airline, Etihad Airways and Mubadala.