April 15, 2014 / 4:15 AM / 3 years ago

Singapore Airlines to sponsor Singapore Formula One grand prix

SINGAPORE, April 15 (Reuters) - Singapore Airlines Ltd (SIA) has signed a deal to sponsor Singapore's Formula One grand prix race meeting this year in a move to promote its brand among the global TV audience that follows motor racing.

The Sep 19-21 event will see the carrier's brand prominently displayed in the city-state's Marina Bay street racing circuit as hundreds of millions of TV viewers tune in. Financial terms of the deal, announced in a statement on Tuesday, weren't disclosed.

The airline's sponsorship - displacing local telecoms company Singapore Telecommunications Ltd - comes as premium carriers such as SIA seek ways to boost their brand while customers increasingly opt for budget airlines. SIA faces stiff competition on its medium- and long-haul routes from both Gulf carriers and Asian regional airlines.

Last year, Emirates airline, Dubai's flag carrier, clinched a five-year sponsorship deal with the Formula One racing organisation as it tries to outdo regional rivals. (Reporting by Anshuman Daga; Editing by Kenneth Maxwell)

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