P1racenews AI automatic summary:
Agag lands major new deal as Saudis go big on electric motorsport
“The PIF has named this initiative ‘Electric 360’ as it encompasses all three electric racing series. While the exact value of the deal has not been disclosed, sources suggest it is a multi-year, multi-million dollar agreement. Along with prominent PIF branding, there will be various educational activations at each championship event, aimed at Saudi citizens and the global racing audience. These activations will focus on sustainable mobility, STEM initiatives, and community apprenticeship programs. According to Alejandro Agag, the chairman of Formula E, the Electric 360 sponsorship deal is a significant milestone for the future sustainability and security of Extreme E and E1, as it provides stability and support for these projects. Saudi Arabia’s aggressive investment in sports is part of their Vision 2030 initiative to diversify their economy, which is heavily reliant on oil. They have successfully hosted major motorsport events and acquired international football clubs, with the aim of providing top-notch entertainment and fostering economic growth for their own people.”
