Saudi PIF signs Electric 360 pact to boost electric motorsports
PIF also reveals its refreshed brand identity
Saudi Arabia’s Public Investment Fund (PIF) has unveiled a transformative multi-year partnership, Electric 360, with Formula E, Extreme E, and E1 powerboat racing, intending to advance the global landscape of electric motorsports.
The Electric 360 initiative aims to propel the growth of electric motorsports and revolutionise sustainable transport, emphasising their pivotal role in shaping the future of electric mobility.
The new partnership, signed in London, England, on January 22, 2024, reinforces PIF’s commitment to driving technological innovation, promoting environmental stewardship, and hastening the charge in carbon reduction.
New brand identity
Accompanying this groundbreaking announcement, PIF also revealed its refreshed brand identity, reflecting the fund’s heritage and embodying its dedication to progress and growth on a historic scale.
The new brand will be prominently featured at all PIF partnership events, including Electric 360 events scheduled throughout 2024 and beyond.
As one of the top sovereign wealth funds globally, with a #1 ranking in the Middle East for Sustainability by Global SWF, PIF’s Electric 360 collaboration aligns with its sponsorship platform focused on inclusivity, sustainability, youth, and technology.
The partnership will catalyse electric motorsports’ development and promote educational opportunities in cutting-edge engineering, community programmes, and environmental stewardship.
PIF’s unique role as the sole principal partner across all three series will facilitate thought leadership events, STEM initiatives globally, and community apprenticeship programs with industry partners in each championship.
Alejandro Agag, Founder and Chairman of Formula E, Extreme E, and E1, said: “This 360-partnership takes our potential to the next level,” highlighting PIF’s strategic role in leveraging technological platforms and fostering global collaboration.
Mohamed Al Sayyad, Head of Corporate Brand at PIF, stressed the transformative impact of Electric 360. He said: “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.”
The PIF of Saudi Arabia stands as a linchpin in the nation’s ambitious economic diversification strategy and is steering the Arab Gulf towards a post-oil era through strategic investments and innovative partnerships.
Recognised for its commitment to sustainability, PIF has been a driving force behind transformative initiatives in Saudi Arabia, ranging from significant tech investments to spearheading groundbreaking projects like Neom.
With a robust portfolio and a focus on sectors like technology, tourism, and renewable energy, PIF is not only shaping the economic future of Saudi Arabia but is also emerging as a global player, fostering international collaborations that resonate with the country’s Vision 2030 goals.
Featured image: PIF’s new partnership encompasses Electric 360, with Formula E, Extreme E, and E1 powerboat racing. Image: Extreme E