Saudi Arabia’s PIF to sponsor three electric motor sports series

LONDON – Saudi Arabia’s Public Investment Fund (PIF) announced a multi-year partnership with Formula E, Extreme E and E1 powerboat racing on Jan 22 to “supercharge” the growth of electric motor sports globally.

The Gulf state’s sovereign wealth fund said that the Electric 360 partnership would also drive technological innovation and advance the future of electric mobility.

Saudi Arabia is the world’s largest oil exporter but wants to become a leading provider of all kinds of energy, with a transition plan that includes renewables, green hydrogen production and carbon capture technologies.

“It’s one more push of PIF into the world of sports and for electric motor sports it’s fantastic to have them supporting all three championships,” Alejandro Agag, founder of the three, said.

The PIF is the main financial backer of LIV Golf and has a sporting portfolio that includes tennis, football club ownership at home and abroad, including English Premier League side Newcastle United, boxing and Formula One.

It already has a 5 per cent stake in Formula E and close to 50 per cent of off-road Extreme E, which is undergoing a transition year before morphing into a hydrogen-powered Extreme H series, and the new E1.

All three have races in Saudi Arabia in 2024. Formula E has Saudi Basic Industries Corp (Sabic) and airline Saudia among its existing sponsors, while Extreme E has Enowa as its official green hydrogen partner.

The kingdom also hosts a Formula One Grand Prix in Jeddah, the two-week-long Dakar Rally and has plans to add MotoGP in future.

Agag said that the PIF would become principal partner of the electric championships, the first time one sponsor has backed all three at the same time.

“For the long-term sustainability of the championships, particularly the two smaller ones, it’s very relevant... it helps consolidate those ventures long-term,” he added.

No financial details were provided.

The PIF, which also announced a brand revamp, said Electric 360 would reflect its broader sponsorship platform with a focus on inclusivity, sustainability, youth, and technology.

Critics have accused Saudi Arabia of using its sovereign wealth fund to engage in “sportswashing” in the face of heavy criticism of the country’s human rights record.

But Crown Prince Mohammed bin Salman said last September he did not care about such allegations and would continue funding sport if it added to the country’s gross domestic product.

Meanwhile, Madrid will host the Spanish Grand Prix from 2026 to 2035 on a new circuit around the capital’s Ifema exhibition centre, Formula One announced on Jan 23.

Barcelona’s Catalunya circuit currently has a contract to stage the GP until 2026. There was no mention of that venue in the statement. REUTERS