Emirates agrees sponsorship deal with Formula One

Dubai-based airline Emirates has agreed a lucrative five-year sponsorship deal with Formula One.The carrier - which is one of the fastest growing companies in the world - is keen to increase its profile on a global scale and tying up an agreement with the ultra-popular motorsport is quite a coup.Formula One boss Bernie Ecclestone would not confirm how much the contract was worth, but news providers have speculated that it is somewhere between $180 and $200 million.Mr Ecclestone did reveal that the deal would see Emirates have its logo publicised at 15 Grands Prix this season."I'm obviously very proud to be associated with Emirates, the sort of brand that should be with us and us with them," he remarked."We like to feel we are associated with the top corporate [brands], which we are obviously are with Emirates. The teams will benefit. It lifts everyone in Formula One."This is not the first high-profile deal that the airline has struck with a sporting organisation. The firm already holds the naming rights to Arsenal's Emirates Stadium, as well as a shirt sponsorship deal.Emirates also sponsors French club Paris Saint Germain and bosses at the firm would have been over the moon last week when it was announced that David Beckham had joined the team until the end of the season.The global megastar sells millions of football shirts wherever he goes, so the Emirates brand is likely to spread even further thanks to this intriguing transfer.Emirates' rapid growth has been a major factor in the significant increase in passenger numbers at Dubai International Airport in recent years.The firm continues to add new services to different parts of the world and recently confirmed that it will launch a direct daily flight between the emirate and Tokyo International Airport from June 3rd 2013.This will be the 131st destination served by the company and it is currently the second busiest airport in Asia, which bodes well for Dubai tourism chiefs in the long term.