London, December 14, 2023, The Europe Today: Saudi Arabian energy giant Aramco has signed a new five-year agreement to become exclusive title sponsor of the Aston Martin Formula One team from next season, both parties announced on Thursday.
The team previously had U.S.-based IT company Cognizant as joint title sponsor with Aramco but will be known officially as Aston Martin Aramco from January. Cognizant will remain as a strategic partner.
Saudi Arabia’s Public Investment Fund (PIF) recently increased its stake in British luxury carmaker Aston Martin to 20.5%.
Aramco is also a global partner of Formula One and title sponsor of a number of races.
Canadian billionaire Lawrence Stroll owns the Formula One team and is also chair and top shareholder in the separate car company.
“We already enjoy an important strategic relationship (with Aramco) and their support as our title partner for the next five years is a clear demonstration of our shared ambition,” said Stroll in a statement.