Saudi Arabia’s PIF Strengthens Motorsport Ties

Saudi Arabia’s Public Investment Fund (PIF) has signed a multi-year partnership with Formula E, Extreme E and E1 powerboat racing.

The new deal strengthens the PIF’s involvement in Formula E, the all-electric motorsports series that it holds a 5% stake in.

The sovereign wealth fund also owns close to 50% of off-road Extreme E, which will become a hydrogen-powered Extreme H series in 2024.

The world’s first all-electric raceboat championship, E1, is also included in the deal.

All three events have races taking place in Saudi Arabia in 2024.

PIF has described the move as an opportunity to ‘supercharge’ the growth of electric motorsport globally with a focus on driving technological innovation and advance the future of electric mobility.

A Formula E statement also said that the partnership will ‘promote educational opportunities tied to the cutting-edge engineering of electric motor sports, as well as community, social programs and environmental stewardship.’

The financial value of the partnership has not been disclosed.

Founder and Chairman of all three series, Alejandro Agag, commented, “This one-of-a-kind partnership with PIF is a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology. With so many examples of the positive real-world impact of each series, this 360-partnership takes our potential to the next level.

“PIF will not only play a strategic role in helping us leverage our unique technological platforms, but also foster global collaboration, education and skills development for the next generation worldwide.”

Mohamed AlSayyad, Head of Corporate Brand at PIF, added, “At PIF, we believe in the power of partnerships, investing in innovative collaborations as part of our focus on ‘Investing in Better.’ These partnerships will enhance the quality of life for people, provide opportunities for the communities we serve, and help continue our work as a catalyst for transformation.

“Together with these championship series, Electric 360 will redefine electric sport and supercharge its growth, delivering tangible impact aligned with our broader business strategy as PIF drives new green technological innovation that will be the cornerstone of future electric mobility.”

The move signals the continued growth of Saudi Arabia’s sports portfolio. The country already hosts Formula 1 Grand Prix in Jeddah, the two-week long Dakar Rally, and has plans to add a MotoGP event in future.

Outside of motorsport, the PIF’s roster includes the high profile LIV Golf series, as well as boxing, tennis, and football club ownership that includes Premier League side Newcastle United.

The PIF’s sporting portfolio includes the LIV Golf series, as well as boxing, tennis and football club ownership at home and abroad, including English Premier League side Newcastle United.