Emirates signs $10 million Formula One deal

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A five-year branding deal with Formula One has been signed by Emirates as the airline seeks to raise its global presence.

The sponsorship is reported to be worth at least $10 million a year.

The agreement includes 15 races this season starting in Malaysia, and circuits such as Silverstone in the UK and Monza in Italy. But it will not sponsor the Australian, Monaco, Bahrain or Abu Dhabi Grand Prix.

The Emirates logo will be displayed on Formula One circuit bridges, course grounds and in team paddocks, starting with the Malaysian Grand Prix next month.

Emirates chairman Sheikh Ahmed bin Saeed al-Maktoum said: "We are looking at sponsorship of more sports in the future if we feel this will promote Dubai and promote Emirates."

The airline agreed a new £150 million sponsorship deal with Arsenal in November.

"Emirates will become the global partner with Formula One beginning in 2013," said Sheikh Ahmed, who is also the uncle of the ruler of Dubai.

The airline's total sports sponsorship is valued at 1 billion dirhams (£172 million) this year, Shei