The formal announcement comes nearly a year after media reports first surfaced about the tie-up.
As part of the deal, several full-size outdoor billboards located in key spots around Paris will go up on Friday, Nov. 1, featuring PSG players in front of iconic Qatar landmarks.
The cost of the agreement has not been disclosed, but is thought to be worth some $800 million over four seasons, starting retroactively in 2012.
The deal will help PSG, which is owned by Qatar Sports Investments, an arm of the country’s sovereign wealth fund, comply to new financial fair play rules for European clubs that require them to not spend more than they make.
In a statement, PSG CEO Jean-Claude Blanc said:
“Our association with QTA allows us to have the means necessary to develop the club in the direction that we envision. The club’s image clearly benefits from it and so do our results. We are able to give our supporters all around the world a high level of performance matching their expectations and our ambitions.”
QTA, which is expected to release a plan in the next few months for increasing the country’s revenues from tourism, said the fit is good for them, too. In a statement, Rashed Al Qurese, the tourism’s marketing director said:
“We are delighted to have Paris Saint-Germain as partner of choice with whom we can develop engaging and impactful promotional experiences for international fans and business partners, as well as the residents of Qatar and France. By partnering with Paris Saint-Germain, Qatar also associates itself with Paris, a destination of choice with which we share a sense of prestige, ambition and excellence.”
QTA is also planning to work with PSG’s women’s team and winning handball team, to help promote the Handball World Championship that Qatar will host in 2015, Skift reports.