Agag signs a big agreement with Saudi Arabia which focuses on electric motorsport

PIF has called this program “Electric 360”, reflecting the fact that it covers all three electrical series.

The values ​​of the deal were not disclosed, but sources say it is a multi-year, multi-million dollar deal. In addition to the presence of PIF branding, there will also be activities at all races of the three championships.

The activities are largely education-focused, aimed at Saudis in their home country and racing audiences in the countries visited by each series. There will be a program of sustainable mobility events, global STEM initiatives 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 only came about six months ago.

“It's something huge for us,” Agag said. “It gives a lot of stability and support, especially to the two smaller projects, because Formula E is already very strong. But for Extreme E and E1, having a great partner like this to support them makes them much more vital, much more secure for the future It's very difficult to create championships and make them last over time. And we managed to do it not just with one [campionato], but now with three. And this type of “360” partnership I hope is not the last we will create of this type. For the partners, this is a really great idea to support electric motorsport across its entire spectrum.”

Over the past five years, Saudi Arabia has made significant steps in the sports sector, as part of the Vision 2030 project to diversify away from dependence on oil, which represents 40% of the country's GDP. It is the second largest oil producer after the United States.

They have brought races from most of the major international motorsport series to Saudi Arabia, as well as boxing matches featuring world titles and elite footballers on Saudi teams. They have also invested in sports outside the country, notably golf with the LIV project and Newcastle United in the Premier League. Agag believes the motivations for this move towards sport are not fully understood by critics outside the Kingdom, who believe the motive is to improve the country's international image.

“I think their ambition in the sport, I would define it in two words,” Agag said. “It's very ambitious, but also very rational. So, following a rational pattern of growth, they want to be present in different sports. They also want sports that give something to Saudi Arabia. The crown prince said in an interview on Fox a few months ago They say sport has already added 1% to Saudi GDP, and they think it will add another 1.5% to GDP.”

“I think people are wrong when they say that they make all these sports investments to improve their image or whatever. They want to bring the best show for their citizens at home. They want to bring fighting, car racing, football, to bring the best entertainment and the best sport to their audience, who can go and watch it right in their own home. I think it's a great way to bring progress to a country that is experiencing great change.”

Saudi GDP is currently $1 trillion, so a contribution from sport of 2.5% of this figure would represent $25 billion; roughly the same percentage of GDP that sport contributes in France and the European Union. Another key factor for investing in sports is that the country has a population of 36 million, 63% of whom are under the age of 30.

Mohamed Al Sayyad, Head of Corporate Brand at PIF, 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 improve people's quality of life, They will provide opportunities for communities and help advance our work as a catalyst for transformation.”

“Together with these championship series, Electric 360 will redefine electric sport and strengthen its growth, producing tangible impact aligned with our broader business strategy, while PIF drives a new green technological innovation that will be the cornerstone of future electric mobility .”