Under the terms of the deal, the Saudi firm will serve as a shirt sponsor of the Spanish team until the end of the current 2017/18 season. The financial terms of the deal were not disclosed.
The news comes after Levante signed Saudi Arabian player Fahad Al-Muwallad on loan from Saudi Professional League side Al-Ittihad.
Several Saudi Arabia internationals have joined La Liga clubs as part of a strategic partnership between the league and the General Sports Authority of Saudi Arabia (GSA), which was agreed in October to give World Cup-bound Saudi players game time and experience in Europe ahead of the tournament.
The agreement also includes branding opportunities, an academy partnership and a talent ID scouting initiative for young soccer players in the Asian country.
Levante are currently fourth from bottom in the La Liga table, after winning just three of their 24 games so far this season.
Al-Muwallad is also yet to make an appearance for the Valencia-based side.