P1racenews AI automatic summary:
Saudi Arabia’s Public Investment Fund has extended its sporting reach again – this time via a tie-up with Formula E, Extreme E and the E1 boat racing series. That’s being framed as a partnership not an investment, but given Saudi Arabia’s bold marketing strategy its interest is only likely to grow
The announcement of the “Electric 360” initiative involving the Public Investment Fund of the Kingdom of Saudi Arabia and various electric racing series is not surprising, given the strengthened ties between the Saudi government and government-owned entities since the Formula E deal in 2018. Formula E already has a partnership with Saudi Airlines and its chairman, Alejandro Agag, has connections throughout the country, including with Crown Prince Mohammed bin Salman. The Electric 360 initiative aims to drive technological innovation and revolutionize sustainable transport. While the focus is on technological advancements, the project is also expected to redefine electric sport and promote its growth. Although this is currently framed as a partnership, it may lead to further investment in the future, as has been the trend in Saudi Arabia’s sports business strategy.
