The club in a statement said that it is the 'largest sponsorship deal ever' signed by the club. As part of the partnership, Emirates branding will feature on the shirts and training kit of all of the teams until the end of the 2023/2024 season.
The deal puts an end to the speculations that Arsenal was searching for new shirt sponsor amid reports Emirates was backing out of football
Arsenal chief executive Ivan Gazidis said: "Our shirt partnership is the longest running in the Premier League and one of the longest relationships in world sport. This mutual commitment is testimony to the strength and depth of our unique relationship. Emirates are again demonstrating their great belief in our approach and ambition and their significantly increased investment will help us continue to compete for trophies and bring more success to the club and our fans around the world.
"Emirates is a great partner for Arsenal – a world-class brand with a truly global reach. The airline plays a significant role in our ambitions to extend our influence and following around the world. The new deal, extending our shirt partnership until 2024, underlines how much both organisations value and benefit from the relationship."
Emirates president Tim Clark said: "Arsenal's strong appeal and influence around the globe, combined with their ambitions as a club, make them an ideal partner for Emirates, with values that reflect ours as a brand. As a long-standing supporter of football, we are passionate about the game and are a proud partner to the team.
"As a business, we are hugely committed to supporting sports all over the world and our relationship with Arsenal is no different. Our partnership with Arsenal Football Club is a great combination of two truly global brands and we're very pleased to have extended this relationship for five more years – connecting fans from around the world with one of the greatest teams in the world."