Formula E and two other electric motorsport series have gained backing from Saudi Arabia’s Public Investment Fund.
The Middle Eastern country is investing heavily in sports, having attracted many players to its growing football league and spent heavily on a takeover of the Professional Golfers’ Association.
It already has extensive ties to motor racing. Formula E first raced in the country in 2018, three years before Formula 1 followed. Aramco, the state-owned Saudi Arabian Oil Group, sponsors F1 and the Aston Martin team. The Dakar rally moved to Saudi Arabia in 2020.
Now the Saudi Arabian PIF has agreed a multi-year deal with Formula E, offroad electric series Extreme E and electric powerboat championship E1. The three series will be promoted under the new brand Electric 360.
Formula E founder Alejandro Agag called the deal “a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology.”
“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.”
FE was founded in 2014 and counts Porsche, Jaguar, Nissan, DS, McLaren and Maserati among its competitors. The FIA bestowed world championship status on it in 2020. The second and third races in its current series will take place on the streets of Diriyah in Saudi Arabia this weekend.
Mohamed AlSayyad, the head of corporate branding at PIF, said the deal with the three series “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.”
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