The Public Investment Fund (PIF) of Saudi Arabia has broadened its involvement in electric motorsport by entering into a groundbreaking multiyear sponsorship agreement that envelops Formula E, Extreme E, and E1 powerboat racing. This marks the first instance of a single sponsor supporting this diverse range of electric racing formats.
Alejandro Agag, the visionary behind Formula E, Extreme E, and E1, highlighted the significance of the deal, particularly for the relatively newer Extreme E and E1 initiatives. Agag shared with the media that this collaboration, dubbed Electric 360, will be instrumental in promoting the various projects, though specific financial details were not disclosed.
Agag expressed his enthusiasm about the partnership, describing it as a pivotal moment in the pursuit of cutting-edge sustainable transport technologies. He emphasized the positive impacts that each racing series has had and expressed confidence that the partnership will greatly amplify their potential.
PIF’s investment in electric motorsports is not new; the fund already holds a 5% stake in Formula E and owns half of both Extreme E and E1. Notably, Extreme E is set to launch a hydrogen-powered championship, and E1 is gearing up for its premier event in Jeddah, Saudi Arabia, with up to ten teams participating. Additionally, Saudi Arabia has been hosting Formula E races since 2018, a commitment that spans a decade, and welcomed Formula 1 three years after.
Highlighting the strategic nature of these partnerships, PIF’s head of corporate brand, Mohamed AlSayyad, remarked on the synergies between investing in innovation and fostering transformative community development. He underlined the role of such collaborations in enhancing quality of life and acting as a catalyst for transformation.
With the Crown Prince of Saudi Arabia, Mohammed bin Salman, aiming to boost the contribution of sports to the nation’s GDP growth, PIF’s backing of LIV Golf and connections to tennis, soccer, and boxing, demonstrates a broader ambition. Beyond sports, the country is also exploring the electric vehicle manufacturing sector as part of its economic diversification strategy.
Agag refuted the notion that Saudi’s sports investments are merely image-building exercises, arguing that the country’s goal is to deliver top-notch entertainment and sporting events to its own populace.