United Arab Emirates, September 06 2008 - Formula World Sports (FWS), the Dubai based organisers of the president's formula power boats championship cup, announced today that Gulf General Investment Company (GGICO), a Dubai based conglomerate, is the new Golden Sponsor for the 2008 and 2009 F2000 Speedboat Competition.
FWS promoter Abdul Salam Fairouz said that GGICO's sponsorship offered a number of benefits for both the company, and the sport, including the sport's presence which he said will be enhanced both locally and internationally.
"Thanks to this alliance, a number of youths worldwide will have the chance to develop and polish their athletic talents," he said. "Also, the UAE will enjoy strong and honourable representation in this sort of international arena and hosting countries will enjoy outstanding media coverage."
It was also noted that UAE national athletes will now have a chance to stand up to the challenge and go international as the competition will enhance the professionalism levels of all athletes and teams.
This year's F2000 Speedboat Competition takes place in both Saudi Arabia and Malaysia. Last year, Saudi Arabia Grand Prix had the highest spectator visitors and broadcast coverage from the media. The race was broadcast in various TV satelite channels and on Live TV including - ART, Channel 1, Channel 2, Channel 3, Saudi Sport, Dubai Sport, Bahry TV , Sharjah TV and others.
GGICO Deputy Managing Director Mohammed Ali Al Sari said that the company was pleased to return to the world of power boat racing, after its initial sponsorship of the first Formula 2000 competitions held in Sharjah.
"With this event, we are able to be a part of something really special - bringing the world of powerboat racing to the UAE, and helping bring the UAE to the rest of the world; acting as both a participant, and a host," he said.
GGICO is a conglomerate engaged in a number of diversified activities including Manufacturing and Industrial, Real Estate, Development, Insurance, Hospitality, Retail, Trading, Financial Brokerage, Transport and Services.
One of the company's key ventures is ELCO, a GGICO fully owned subsidiary. Emirates Lube Oil Co Ltd (ELCO) was established in 1972 and is based in Sharjah. ELCO specializes in the manufacturing and marketing of the entire range of "National Lube" branded automotive, industrial, marine lubricants, greases and specialty products. National lustre is present in 75 countries across the globe and ELCO is amongst the leading manufacturers and marketers of lubricants in the entire GCC region.
HH Prince Abdulla Bin Saud bin Abdul Aziz Al Saud - Chairman of Jeddah Water Festival & the local Promoter of UIM F2000 World Cup Series Saudi GP Jeddah race; Zachary Aman - Chairman of Powersport Events Sdn Bhd company, the local promoter of UIM F2000 World Cup Malaysia GP Sabah race; and Guido Capelini - F1 World Champion power boat were present for the announcement.
GGICO, who this year celebrates 35 years of business, is a Dubai Financial Market listed public shareholding company with widely diversified activities through over 30 subsidiaries and affiliates. GGICO has been rated by Fitch and Moody's.
-Ends-
For further information please contact:
Khalil Majdalawi
Cicero & Bernay Public Relations
Tel: +971 4 334 2966
Fax: +971 4 334 2977
Email: khalil@cbpr.ae
Web: www.cbpr.ae
© Press Release 2008
