The PIF calls this programme “Electric 360”, reflecting that it covers all three electric series.
No values have been published for the deal, but sources say it is multi-year, multi-millions of dollars. As well as prominent PIF branding, there will also be activations at all rounds hosted by the three championships.
The activations are largely focused on education, aimed at Saudis in their own country as well as the race going public in countries each series visits. There will be a programme of thought leadership events around sustainable mobility, STEM initiatives globally and community apprenticeship programmes.
Speaking exclusively to Autosport.com and Motorsport.com, Agag said that, although Formula E has been racing in Saudi Arabia since 2018, the idea for the Electric 360 sponsorship deal was just six months in the making.
“It’s huge for us,” said Agag. “It gives a lot of stability and support, especially to the two smaller projects, you know, because Formula E already is very strong. But for Extreme E and E1 to have a big partner like this supporting makes them a lot more viable, a lot more secure for the future. it’s very difficult to set up championships and to make them last. And we have done it not only with one, but now with three. And this kind of partnership “360” I hope is not the last one that we do of this kind. For partners, this is a really great idea to support electric motorsport across the whole spectrum.
Saudi Arabia has made significant moves in sport in the last five years, part of the Vision 2030 project to diversify away from reliance on oil, which accounts for 40% of the country’s GDP. It is the second largest oil producer after the USA.
They have brought rounds of most major international motorsport series to Saudi as well as world title boxing fights and transferred elite footballers to Saudi teams. They have also invested in sports outside Saudi, particularly golf with the LIV project and Newcastle United in the Premier League. Agag believes that their motives for this aggressive move into sport are not fully understood by critics outside the Kingdom, who believe that the motive is to improve the country’s international image.
Sam Bird, NEOM McLaren Formula E Team, e-4ORCE 04, Norman Nato, Andretti Global, Porsche 99X Electric Gen3, Edoardo Mortara, Mahindra Racing, Mahindra M9Electro
Photo by: Andrew Ferraro / Motorsport Images
Sam Bird, NEOM McLaren Formula E Team, e-4ORCE 04, Norman Nato, Andretti Global, Porsche 99X Electric Gen3, Edoardo Mortara, Mahindra Racing, Mahindra M9Electro
“I think their ambition in sport, I would define it with two words,” said Agag. “It’s very ambitious, but also very rational. So following a rational scheme of growth, they want to be in different sports. They want sports also that give something to Saudi. The Crown Prince said it in an interview on Fox a few months ago that already sports have added 1% to the GDP of Saudi, and they think it’s going add another 1.5% of GDP.
“I think people are wrong when they say they do all these sports investments to improve their image or whatever. They want to bring the best show for their own people at home. They want to bring the fights to Saudi, the motor races, they want to bring football to Saudi to give the best entertainment and sport to their own public so they can go and watch it right there at their home. I think it’s a great way to bring progress to a country that is experimenting with a great change.”
Saudi GDP is currently $1 trillion, so for sport to contribute 2.5% of that figure would represent $25 billion; roughly the same percentage of GDP as sport contributes in France and the wider European Union. Another key driver behind the sport investments is that the country has a population of 36 million, of whom 63% are under 30 years of age.
Mohamed Al Sayyad, PIF Head of Corporate Brand, 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.
“Together with these championship series, Electric 360 will redefine electric sport and supercharge its growth, delivering tangible impact aligned with our broader business strategy as PIF drives new green technological innovation that will be the cornerstone of future electric mobility.”
News Related
-
, Nov. 28 — One of the most anticipated Android releases for 2023 has been the Google Pixel 8 lineup. The Pixel series is often considered the best of what Android has to offer since it brings the true stock Android experience. The Pixel 8 Pro was globally released on ...
See Details:
Google Pixel 8 Pro Review: Is this the best Android phone of 2023?
-
A blank space or an (NR) indicates no readings received. An (e) indicates that the water level has been estimated. An (w) indicates that the conditions were very windy, resulting in an inaccurate reading. Omatjenne Dam does not have abstraction facilities. The dam contents are according to the latest dam ...
See Details:
Namwater Dam Bulletin on Monday 27 November 2023
-
Dhaka, Nov. 27 — Nobel laureate Dr Muhammad Yunus has been appointed chair of the international advisory board of Moscow’s Financial University (under the government of the Russian Federation). On November 23, he joined a high-level strategic meeting with Prof Stanislav Prokofiev, Rector of the Financial University, and his colleagues. ...
See Details:
Dr Yunus appointed chair of Moscow Financial University's international advisory board
-
In a pivotal encounter at the International Cricket Council (ICC) Twenty20 World Cup Africa Final Monday, the Cricket Cranes faced Nigeria, knowing that a win could significantly boost their chances of securing one of the coveted tickets to the 2024 T20 World Cup in West Indies and the USA.Nigeria won ...
See Details:
Victory over Nigeria puts Uganda on the brink
-
Capture 1 The Bank Ghana (BoG) Monetary Policy Committee (MPC) has maintained the key policy rate at 30 percent, while introducing additional liquidity management measures to address excess liquidity and reinforce the disinflation process. Announcing the committee’s decision on Monday following its 115th meeting, BoG Governor Dr. Ernest Addison said ...
See Details:
BoG holds policy rate at 30%, tightens liquidity measures
-
Renita Holmes has been displaced four times in the past three years by rising rents With sea levels rising around the globe, Miami, in the US state of Florida, is facing an urgent need to adapt. As property investors turn their gaze inland, away from the exclusive low-lying beach area, ...
See Details:
When sea levels rise, so does your rent
-
Picture2 In a groundbreaking moment, Mrs. Adelaide Siaw Agyepong, CEO-American International School, has achieved yet another milestone by being crowned ‘Icon of Inspiration and Impact for the Year 2023’. The crowning achievement took place in Accra, where Mrs. Siaw Agyepong surpassed contemporaries to clinch this prestigious title at the 5th ...
See Details:
American International School CEO honoured as ‘Icon of Inspiration and Impact’
-
Freetown’s streets were almost empty on Sunday after a curfew was imposed Gunmen in Sierra Leone attacked a military barracks and freed hundreds of prisoners in a “co-ordinated and properly planned” attack, the country’s information minister has said. Sierra Leoneans spent Sunday under a nationwide curfew amid disarray in capital ...
See Details:
Sierra Leone prison breaks co-ordinated - minister
-
Freetown’s streets were almost empty on Sunday after a curfew was imposed Gunmen in Sierra Leone attacked a military barracks and freed hundreds of prisoners in a “co-ordinated and properly planned” attack, the country’s information minister has said. Sierra Leoneans spent Sunday under a nationwide curfew amid disarray in capital ...
See Details:
Address the rise of single parenthood
-
Freetown’s streets were almost empty on Sunday after a curfew was imposed Gunmen in Sierra Leone attacked a military barracks and freed hundreds of prisoners in a “co-ordinated and properly planned” attack, the country’s information minister has said. Sierra Leoneans spent Sunday under a nationwide curfew amid disarray in capital ...
See Details:
Hyundai Chief Picked as Auto Industry Leader of the Year
-
Freetown’s streets were almost empty on Sunday after a curfew was imposed Gunmen in Sierra Leone attacked a military barracks and freed hundreds of prisoners in a “co-ordinated and properly planned” attack, the country’s information minister has said. Sierra Leoneans spent Sunday under a nationwide curfew amid disarray in capital ...
See Details:
Unmarried People Under 35 Outnumber Married Ones
-
Freetown’s streets were almost empty on Sunday after a curfew was imposed Gunmen in Sierra Leone attacked a military barracks and freed hundreds of prisoners in a “co-ordinated and properly planned” attack, the country’s information minister has said. Sierra Leoneans spent Sunday under a nationwide curfew amid disarray in capital ...
See Details:
European interior ministers in Hungary to discuss migration
-
Freetown’s streets were almost empty on Sunday after a curfew was imposed Gunmen in Sierra Leone attacked a military barracks and freed hundreds of prisoners in a “co-ordinated and properly planned” attack, the country’s information minister has said. Sierra Leoneans spent Sunday under a nationwide curfew amid disarray in capital ...
See Details:
Japan on the watch for unlicensed taxis around Narita airport amid foreign tourism spike
-
Freetown’s streets were almost empty on Sunday after a curfew was imposed Gunmen in Sierra Leone attacked a military barracks and freed hundreds of prisoners in a “co-ordinated and properly planned” attack, the country’s information minister has said. Sierra Leoneans spent Sunday under a nationwide curfew amid disarray in capital ...
See Details:
ECOWAS to send high-powered delegation on solidarity visit to Sierra Leone
OTHER NEWS
Despite doing education at the university, Mellon Kenyangi, also known as Mama Bear, did not think of going to class, and teaching students was her dream job.“Since it was not ...
Read more »
213 Sri Lanka Cricket’s Chairman of Selectors, Pramodya Wickramasinghe reported to the Sports Ministry’s Special Investigation Unit( SMSIU) for the Prevention of Sports Offences yesterday for the second day. He ...
Read more »
137 Malindu Dairy (Pvt) Ltd., a leading food production company in Sri Lanka, won the Silver Award in the medium-scale dairy and associated products category at the Industrial Excellence Awards ...
Read more »
Africans Urged to Invest Among themselves, Explore Investment Opportunities in Continent Addis Ababa, November 27/2023(ENA)-The Embassy of Angola in Ethiopia has organized lecture on the “Foreign Investment Opportunities in Angola ...
Read more »
144 The dynamic front row player Mohan Wimalaratne will lead the Police Sports Club Rugby team at the upcoming Nippon Paint Sri Lanka Rugby Major League XV-a-side Rugby Tournament scheduled ...
Read more »
Dozens of people living with disabilities from New Hope Inclusive in Entumbane, Bulawayo on Saturday last week received an early Christmas gift in the form of groceries. The groceries were ...
Read more »
The East African Community (EAC) Summit of Heads of State has admitted the Federal Republic of Somalia to the regional bloc, making it its 8th member country. The decision was ...
Read more »