Saudi Arabia’s Public Investment Fund (PIF) has launched ‘Electric 360’, a long-term partnership with Formula E, Extreme E, and E1 aimed at bolstering the growth of electric motorsports. This initiative is a part of PIF’s broader sponsorship platform dedicated to driving technological innovation and advancing carbon reduction efforts within the motorsport industry.
In addition to this partnership, PIF also revealed its new brand revamp, emphasizing its commitment to driving transformation across the kingdom. The revamped identity will be showcased at all PIF partnership events, including those under the Electric 360 umbrella.
The objectives of Electric 360 extend beyond motorsports and include educational opportunities in advanced engineering, community engagement, social programs, and environmental stewardship.
Alejandro Agag, Founder and Chairman of Formula E, Extreme E, and E1, expressed enthusiasm for the partnership, highlighting its potential to advance sustainable transport technology and drive real-world impact. He emphasized PIF’s strategic role in leveraging technological platforms and fostering global collaboration and skills development.
Mohamed AlSayyad, head of Corporate Brand at PIF, stressed upon the significance of Electric 360 in reshaping electric sports and accelerating its growth trajectory. He emphasized aligning this initiative with PIF’s broader business strategy focused on green technological innovation and future electric mobility.
In addition to these announcements, PIF’s substantial investment activity was highlighted, with the fund accounting for approximately a quarter of the nearly $124 billion spent by sovereign wealth funds worldwide in 2023. PIF’s investment of $31.5 billion underscores its ongoing commitment to driving economic growth and innovation on a global scale.
