Saudia Arabia’s Public Investment Fund (PIF) Dives Into E-racing 

Saudi Arabia’s Public Investment Fund (PIF) has announced a new partnership focusing on a trio of all-electric racing series.

The multi-year agreement will see the sovereign state fund become the only entity to sponsor the Formula E single-seater motor racing series, the Extreme E off-road racing series, and the E1 electric race-boat series simultaneously.

The three racing series and the PIF have ironed out a collaboration, known as Electric 360 (E360), with ambitions to promote the electric vehicle transition, sustainability goals, and all-electric racing.

The revamped PIF branding will be omnipresent at all events from the three series’ through the multi-year collaboration, with the brands poised to partner on science and technology initiatives centred around E360 events throughout the year.

Following the deal, Mohamed AlSayyad, PIF head of corporate brand, stated: “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.”

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

According to ASN data, Formula E’s last four deals in 2023 have collectively brought in slightly below US$1.8m, with deals from logistics giant DHL and Greenko Group, a renewable energy group from India. This comes after the sport, namely the China leg of Formula E, was battered by a spate of withdrawals in 2022.