XM has become the latest foreign exchange and CFDs brokerage to get involved with a football sponsorship. The company has announced that it is partnering up with Saudi Arabian football club Al-Nassr FC.
Football has become the most popular sport in Saudi Arabia, which is home to over 29 million people. Sponsorship deals with popular clubs are a gateway for brokerages to legitimize their brand and start on boarding clients in the region.
The deal is aiming to open some doors for the brokerage to market it services in Saudi Arabia, which is traditionally a very lucrative market in the Middle East. The team is based in the capital and the largest city in Saudi Arabia, Riyadh.
After winning two consecutive championship titles in the Saudi Professional League during the 2013-2014 and 2014-2015 seasons, Al-Nassr has been struggling to repeat its performance form previous years during the 2015-2016 season.
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Nevertheless with the target demographic in Riyadh widely supporting the team, XM Markets will get exposure to market its services to a wide audience. With a population of about 7,000,000 the city is one of the biggest in the Middle East.
The Marketing Director of XM Group, Chris A. Zacharia commented, “Our sponsorship represents our dedication to assist the team in achieving what they represent. This is a very special day for XM as it marks a milestone in our corporate history.”
The financial terms and the length of the sponsorship agreement between XM and Al-Nassr FC Football Club have not been disclosed. The sponsorship of Al-Nassr has become the first major deal for the brokerage in the Gulf area.
Recently another brokerage has signed a football sponsorship deal in the region. Middle East focused Amana Capital has signed a deal with Saudi First Division club Ettifaq.