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Saudi Arabia’s Public Investment Fund (PIF) has partnered with Formula E, Extreme E and the new E1 electric power boat racing series as part of its new Electric 360 program to support the growth of electric motorsport.
This multi-year agreement is the first of its kind and aims to drive innovation across categories, improve sustainable transport and mobility efforts, and reduce carbon emissions.
The move comes as PIF, ranked as the number one wealth fund in the Middle East and among the top 100 in the world for sustainability, aims to demonstrate its “commitment to progress and growth that is driving change on a historic scale.” This was done as part of the company’s brand renewal. ”.
“At PIF, we believe in the power of partnerships and invest in innovative collaborations as part of our focus on Investing for Better. These partnerships improve people’s quality of life and help us It provides opportunities for the communities we serve and helps us continue our work as a catalyst for change,” said Mohamed Al-Sayyad, Head of Corporate Brand at PIF.
“Along with these championship series, Electric 360 will redefine electric sport and accelerate its growth, building on our broader business as PIF drives new green innovations that will form the basis of future electric mobility. Delivering tangible impact that aligns with strategy.”
In addition to partnering with all three electric racing series, Electric 360 also supports education through global STEM initiatives tied to each championship and community apprenticeship programs with each series’ industry partners.
Alejandro Agag, Founder and Chairman of Formula E, Extreme E and E1, said: “This unique partnership with PIF marks a significant milestone in our journey to pioneer cutting-edge sustainable transport technology. It becomes a stone.” “This 360-degree partnership of his will take our possibilities to the next level, as there are many examples of each series having a positive real-world impact.
“PIF plays a strategic role in helping us leverage our unique technology platform, as well as fostering global collaboration, education and the development of the next generation of skills around the world.”
Saudi Arabia has become a mainstay in the world of motorsport in recent years, with a presence on the F1 calendar and state oil company Aramco partnering with the Aston Martin F1 team and F1 itself. Saudi Arabia’s NEOM urban development project is also the title sponsor of McLaren’s electric car racing division, which competes in both Formula E and Extreme E.
Formula E, Extreme E and E1 are each scheduled to take place in the country in the coming weeks. This weekend, the second and third races of the Formula E season will be held in Diriyah, on the outskirts of the capital Riyadh. The first E1 event will be held in Jeddah next week, with the first two rounds of the Extreme E season taking place nearby on February 17-18.
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