Saudi Arabia’s Public Investment Fund (The PIF) has signed a multi-year partnership that joins together all three electric Motorsport championships globally.
The partnership known as Electric 360 includes Formula E, Extreme E, and E1 Powerboat racing and aims to supercharge the growth of electric Motorsports globally.
The PIF already holds a 5% stake in Formula E and almost 50% stake in off-road Extreme E.
The partnership will include exciting races in Saudi Arabia, including Formula E, which takes place annually in the historical city of Diriyah.
PIF’s Electric 360 Partnership
The PIF has introduced a long-term collaboration named Electric 360 in partnership with Formula E, Extreme E, and E1. The initiative aims to foster the development of electric motorsports and their contribution to the advancement of electric mobility.
PIF has invested in the newly established E1 powerboat racing series. With this partnership, PIF becomes the sole principal partner of all three championships, marking the first time a single company has sponsored the three electric racing series simultaneously.
PIF’s Commitment to Electric Motorsports
PIF has already demonstrated its commitment to electric motorsports by owning a significant stake in Formula E and close to 50% of Extreme E, which is set to evolve into the hydrogen-powered Extreme H series.
Crown Prince Mohammed bin Salman has highlighted that the country will continue funding sports if it contributes to its gross domestic product. The Electric 360 partnership reflects Saudi Arabia’s determination to lead electric mobility and embrace a more sustainable future.
Driving Technological Innovation
The Electric 360 partnership aims to drive technological innovation and revolutionize sustainable transport.
By leveraging the unique platforms of Formula E, Extreme E, and E1, this collaboration seeks to underscore the positive impact of electric motorsports and their potential to shape the future of mobility.
The partnership will promote sustainable solutions, carbon reduction, and race-to-road technology transfer.
Alejandro Agag, the visionary founder and chairman of Formula E, Extreme E, and E1, expressed his excitement about this one-of-a-kind partnership. He said,
“This one-of-a-kind partnership with PIF is a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology. 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.”
PIF’s Brand Revamp
PIF unveiled its new brand identity with the Electric 360 partnership announcement. This rebranding captures PIF’s heritage, essence, and commitment to progress and growth in driving transformation at a historical scale.
The new brand identity will be showcased at all PIF partnership events, including Electric 360 events, throughout 2024 and beyond.
Mohamed AlSayyad, Head of the Corporate Brand at PIF, emphasized the transformative impact of Electric 360. He said: “At PIF, we believe in the power of partnerships, investing in innovative collaborations as part of our focus on ‘Investing in Better.’ These partnerships will enhance the quality of life for people, provide opportunities for the communities we serve, and help continue our work as a catalyst for transformation.
PIF’s Pivotal Role
As the exclusive principal partner across all three series, PIF plays a pivotal role in expediting the execution of various initiatives, including
1. PIF Electric 360 thought leadership events unite top industry experts and brilliant minds to catalyze positive transformations in sustainable mobility.
2. Global STEM initiatives are aligned with each championship series.
3. Community apprenticeship programs in collaboration with industry partners associated with each championship.
Racing Events in Saudi Arabia
The Electric 360 partnership will bring exciting racing events to Saudi Arabia in 2024. Formula E, which already holds a race in Diriyah, will continue to showcase its cutting-edge technology and sustainable ethos.
Since 2018, a decade-long deal with Formula E for Saudi Arabia to host an E-Prix in Diriyah on the outskirts of Riyadh‘s capital was announced, ties between the Saudi government and government-owned entities have strengthened innumerably.
The Diriyah E Prix, a part of the Diriyah Season, features Formula E World Championship races due to take place on the 27th and 28th of January 2024. The races are due to take place at night in the historical setting of Diriyah and surrounding the At Turaif UNESCO World Heritage Site.
The 2024 edition is particularly significant as it takes place during the 10th season of the FIA Formula E World Championship, amplifying the overall excitement around the event.
Extreme E, known for its off-road electric racing in extreme environments, will take on new challenges in the kingdom. After three years of excitement and challenges, Extreme E is poised to make a comeback for its fourth edition.
With just a month remaining until the commencement of Rounds 1-2 in Saudi Arabia for the 2024 season, Season 4 promises to bring forth heightened wheel-to-wheel action, captivating audiences with its thrilling displays on some of the most formidable terrains worldwide.
The E1 powerboat racing series, a revolutionary force in marine mobility, will also make its mark in Saudi Arabia on February 2 to 3. The competition will take place along the Obhur Corniche in Jeddah.
These events will add to Saudi Arabia’s diverse sports portfolio, including hosting a Formula 1 Grand Prix in Jeddah and the world-renowned Dakar Rally. The kingdom’s commitment to expanding its sports offerings demonstrates its dedication to positioning itself as a global sports destination.
PIF’s Extensive Sports Portfolio
PIF’s partnership with Formula E, Extreme E, and E1 powerboat racing adds to its extensive sports portfolio.
The PIF has invested in various sports ventures, including the LIV Golf series, boxing, tennis, and football club ownership, and its stake in the English Premier League side Newcastle United.
This partnership aims to leverage the popularity and international fanbase of Atletico Madrid to propel the Riyadh Air brand worldwide and support Saudi Arabia’s Vision 2030 goals of increasing tourism to the Kingdom.
Furthermore, PIF-backed SRJ Sports Investments has made its first investment by acquiring a $100 Stake in the Professional Fighters League (PFL), which recently acquired Rival Bellator MMA, as it expands into mixed martial arts and aims to bring a regional tournament to the kingdom.
In Addition, Saudi Arabia’s Public Investment Fund (PIF) has partnered with ESPN in a significant deal involving the Professional Fighters League. The partnership highlights Saudi Arabia’s growing influence in global sports.
The deal involves broadcasting and Pay Per View on ESPN+ and aims to boost Saudi Arabia’s presence in the international sports arena.
This diverse technology and sports portfolio showcases PIF’s dedication to promoting sports and investing in high-profile events.
Additionally, Global SWF has recognized PIF as one of the leading sovereign wealth funds worldwide, securing the top position in the Middle East for Sustainability among the top 100 sovereign wealth funds globally.
The Electric 360 collaboration aligns with PIF’s extensive sponsorship platform, embodying the brand’s aspirations with a specific emphasis on four key pillars: inclusivity, sustainability, youth, and technology.
Leading the Way in Electric Vehicles
PIF Backed, Riyadh Air, Saudi Arabia’s newest airline, has partnered with Lucid Motors to emphasize its shared commitment to innovation and sustainability in aviation and electric vehicle production. This partnership is expected to stimulate innovation and sustainability in the coming years.
In advancing green technology and sustainable solutions, Electric motorsports are crucial and central to Saudi Arabia’s long-term goals.
As Saudi Arabia continues to expand its sports portfolio, the Electric 360 events in 2024 will add to the kingdom’s reputation as a global sports destination. PIF’s commitment to progress and its brand revamp exemplifies its dedication to driving transformation at a historical scale.