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PIF’s new deal to spark surge in e-motorsports

Electric vehicles on display in London at the launch of a partnership between PIF and Formula E, Extreme E and E1 this week PIF
Electric vehicles on display in London at the launch of a partnership between PIF and Formula E, Extreme E and E1 this week

Saudi Arabia’s Public Investment Fund (PIF) has announced a multi-year partnership with Formula E, Extreme E and E1 powerboat racing to boost the profile of sustainable electric motorsports in the kingdom.

The Electric 360 programme is part of the sovereign fund’s carbon reduction initiatives. 

PIF ranks first in the Middle East for sustainability among the top 100 global sovereign wealth funds reviewed by Global SWF.

“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,” said Alejandro Agag, founder and chairman of Formula E, Extreme E and E1.

PIF will become the principal partner of the electric championships, the first time one sponsor has backed all three at the same time, Agag told Reuters.

“For the long-term sustainability of the championships, particularly the two smaller ones, it’s very relevant. It helps consolidate those ventures long-term.”

No financial details of the deal were disclosed.

Saudi Arabia already hosts a Formula 1 Grand Prix in Jeddah, the Dakar Rally, and plans to hold a MotoGP event.

PIF holds a five percent stake in Formula E and nearly 50 percent of off-road Extreme E, which will transform into a hydrogen-powered Extreme H series and the new E1 series.

The three events will take place in the kingdom this year. 

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