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Unexpected Crude Inventory Build Weighs on Oil
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Charles Kennedy
Charles is a writer for Oilprice.com
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Saudi Aramco has sealed a sponsorship deal with FIFA, the International Federation of Association Football, through 2027, after winning a bidding process last October in which it was the only sponsorship candidate, the Associated Press reports.
With the new deal, Aramco becomes a “Major Worldwide Partner of FIFA”, which gives it sponsorship rights for FIFA Men’s World Cup 2026 and Women’s World Cup 2027.
“Through this partnership with FIFA we aim to contribute to football development and harness the power of sport to make an impact around the globe. It reflects our ambition to enable vibrant communities and extends our backing of sport as a platform for growth,” Amin H. Nasser, Aramco President & CEO said in a press statement.
“Our existing relationship with the Saudi football team Al-Qadsiah, our support for women’s golf through the Aramco Team Series, and our backing of F1 in Schools each demonstrate the possibilities of such partnerships to create pathways for opportunity, positively impact society and promote development at the grassroots level,” Nasser added.
The sponsorship deal comes after Saudi Arabia won hosting rights for the men’s World Cup in 2034.
The value of the sponsorship remains undisclosed; however, AP reports that it is “likely the richest ever for FIFA by average annual value”.
“Aramco also intends to work with FIFA to drive innovation, identifying opportunities to deploy the Company’s expertise and technologies in the delivery of football events globally. This includes initiatives that aim to provide new and innovative ways for football fans to engage with FIFA’s events,” the Saudi oil giant said in a statement.
While the Visit Saudi tourist board had sponsored the FIFA World Cup in Qatar in 2022, this was a small sponsorship that resulted in some backlash that led to the Saudis backing down from sponsoring the Women’s World Cup in 2023 in Australia and New Zealand.
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By Charles Kennedy for Oilprice.com
