Saudi Arabia’s Public Investment Fund signs partnership with Formula E, Extreme E & E1 powerboat racing

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The PIF already has a 5% stake in Formula E and owns close to 50% of off-road Extreme E, which will become a hydrogen-powered Extreme H series, and the new E1 series.

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

Founder Alejandro Agag said: “It helps consolidate these ventures long-term.”

While the financial details of the deal are undisclosed, Agag added: “It’s one more push of PIF into the world of sports, and for electric motorsports it’s fantastic to have them supporting all three championships.

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

Meanwhile, the PIF – the country’s sovereign wealth fund – says the move will “supercharge” the growth of electric motorsport globally, and that the electric 360 partnership will also drive technological innovation and advance the future of electric mobility.

Saudi Arabia already hosts a Formula 1 grand prix in Jeddah, the two-week long Dakar Rally, and has plans to add a MotoGP event in future.

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.

The Gulf kingdom has been accused of investing in sport and high-profile events in order to improve its international reputation and deflect attention away from its human rights record.

But Crown Prince Mohammed bin Salman said last September he did not care about acccusations of “sportswashing” and would continue funding sport if it added to the country’s gross domestic product.