Goodwood Racecourse and Qatar have agreed a 10-year sponsorship deal, which stands as the biggest in British racing.
The agreement begins next year and will see £2million invested into eight races at the newly named Qatar Goodwood Festival in 2015.
Formerly known as Glorious Goodwood, total prize money for the event under its rebranded guise will now stand at £4.5m.
The meet will take place from July 28 to August 1, with Lord March, owner of Goodwood, talking up the impact of Qatar's investment in the racecourse.
"I am delighted that Qatar have decided to play a significant part in Goodwood's position as one of the finest racing experiences in the world," he said in a statement.
"Goodwood has, for more than 200 years, been about the best racing in the most English of settings, accessible to everyone. Our partnership with Qatar will make an enormous contribution to horse racing in the UK.
"I would also like to take this opportunity to thank QIPCO for their continued support through our key races in the QIPCO British Champion series.
"This remains important to me and to the success of racing at Goodwood."