The Public Investment Fund (PIF) of Saudi Arabia has embarked on a groundbreaking initiative to bolster the electric motorsport industry by establishing a multi-year partnership with Electric 360, alongside Formula E, Extreme E, and E1 series. This strategic alliance is set to propel the growth of electric motorsports across the kingdom and contribute to the evolution of electric mobility.
The collaboration is more than just about racing; it will serve as a catalyst for educational advancements, community enrichment, and environmental initiatives. The PIF is committed to fostering PIF Electric 360 through STEM engagements and community apprenticeships, ensuring a broader impact beyond the tracks.
Alejandro Agag, who stands at the helm of Formula E, Extreme E, and E1 as Founder and Chairman, expressed his enthusiasm about the partnership. He highlighted its significance in advancing sustainable transport technology and the positive ripple effects it will have on global collaboration and skill development for future generations.
Representing PIF, Mohamed AlSayyad, Head of Corporate Brand, underscored the fund’s dedication to innovative partnerships that align with their principle of ‘Investing in Better.’ He emphasized the dual benefits of improving community wellbeing and driving technological innovation, both of which are integral to PIF’s broader business strategies.
AlSayyad further elaborated on the anticipated impact of Electric 360, envisioning it as a transformative force within electric motorsport. The partnership is expected to not only stimulate the sector’s expansion but also anchor new green technologies that will shape the future of electric mobility.