Riyadh – Sharikat Mubasher: Saudi Arabia showed big interest in taking part in the Formula E events since the very beginning by entering multiple partnerships to sponsor this sport and all the participating teams by all means of initiatives.
Saudi Arabia was truly keen on embracing this kind of futuristic sport as it welcomed Formula E in Riyadh City aiming to contribute to the making of the future.
Saudi Arabia's Public Investment Fund (PIF) announced earlier this year signing a multi-year partnership with Formula E, Extreme E, and E1 powerboat racing to 'supercharge' the growth of electric motorsport globally asserting that the Electric 360 partnership would also drive technological innovation and advance the future of electric mobility.
Formula E then had Saudi Basic Industries Corp (SABIC) and Airline Saudia among its existing sponsors while Extreme E has ENOWA as its official green hydrogen partner.
Saudi Entertainment Ventures (SEVEN), a wholly-owned subsidiary of the Public Investment Fund (PIF) also announced a partnership with Formula E to build the world’s first Formula E branded indoor karting attraction across multiple SEVEN entertainment destinations across the Kingdom.
SEVEN was said to invest more than SAR 50 billion to build 21 entertainment destinations, providing unique and innovative world-class entertainment destinations and global partnerships from within the sector. These projects were planned to be located in 14 cities across the kingdom: Riyadh, Kharj, Makkah, Jeddah, Taif, Dammam, Khobar, Al Ahsa, Madinah, Yanbu, Abha, Jizan, Buraidah and Tabuk.
This came as part of the PIF’s efforts to embrace its four strategic pillars of inclusion, sustainability, youth, and technology, as it constantly works on enhancing transformation all over the globe.
This kind of partnership shall also contribute to spurring educational opportunities in the fields of electric engine engineering, enhancing life quality and transformation in sports, locally and beyond.
The participation of Saudi Arabia’s PIF in E-sports sectors proves its commitment to leading the way to technological innovation and the future of E-powered means of transportation, in the same context of embracing sustainability as a significant component of Vision 2030.
