P1racenews AI automatic summary:
Agag lands major new deal as Saudis go big on electric motorsport
The Public Investment Fund (PIF) has introduced a new sponsorship program called “Electric 360” which will cover all three electric racing series. While the exact value of the deal has not been disclosed, it is said to be a multi-year, multi-million dollar agreement. In addition to PIF branding, there will also be various educational activities and events focused on sustainable mobility and STEM initiatives, targeting both Saudis and the international audience of the racing series. Formula E CEO, Alejandro Agag, views this partnership as a significant boost for all three racing championships, providing stability and support for the future. Saudi Arabia’s aggressive move into sports, including motorsports, is part of their Vision 2030 project to diversify their economy and improve entertainment options for their own people. Their motive is not solely to improve their international image, but rather to bring the best sports and entertainment experiences to their citizens and contribute to their GDP growth.
