The Aston Martin Formula One team have signed a multi-year partnership with Saudi state-owned mining and metals company Ma’aden.
Contract:
- Partnership aims to give Ma’aden visibility to attract and retain top talent
- Company wants to become ‘an employer of choice’ in Saudi Arabia and drive brand awareness on a global scale
Context:
With a title partnership already in place with state-owned oil giant Aramco, and an additional deal agreed with state-owned Saudia last year, Aston Martin’s links to Saudi Arabia are extensive. The Formula One outfit further strengthened these connections by signing a technical collaboration with Aramco earlier this year, which will see the company deliver advanced fuels.
The partnership announcement features comments from Lawrence Stroll, executive chairman of the Aston Martin Formula One team, which is typically rare for a deal like this. It’s also notable as the focus of this deal is on Ma’aden positioning itself as an employer, rather than any particular benefits for Aston Martin.
Comment:
“We are delighted to welcome Ma’aden as a partner of Aston Martin Aramco,” said Stroll. “It is an important step in our journey in Formula One and demonstrates the attractiveness of our team for brands with a long-term vision for success like Ma’aden.
“Together we share a common objective towards a sustainable future in line with Formula One’s goal of becoming net zero by 2030. In our respective fields we both strive for excellence, maintain high standards and push the boundaries of technology. We look forward to working with Ma’aden in 2024 and beyond.”
Coming next:
Ma’aden branding will appear on the Aston Martin cars of Fernando Alonso and Lance Stroll from this weekend’s São Paulo Grand Prix, taking place from 1st to 3rd November.
Go deeper:
- F1 team finances roundup: Is the budget cap working four years in?
- Aston Martin F1 team valued at ‘more than UK£1.5bn’ in latest private equity investment
