PIF partners with E1 Series to create world’s first electric powerboat championship

Logo of PIF

The Public Investment Fund (PIF) signed a partnership agreement with E1 Series to create world’s first electric powerboat championship, according to a statement.

The partnership represents a significant step forward in the long-term development of the championship, while accelerating preparations for the inaugural season, scheduled to take place in early 2023.

Saudi Arabia is one of the considered locations of the race.

The sovereign wealth fund’s investment in the E1 Series came in line with its 2021-2025 strategy announced earlier this year, which focuses on 13 key strategic sectors, including sports & entertainment and renewable energy.

“This exciting investment in a new premier sport format aligns with our strategy to enable innovation globally and unlock new industries as well as building strategic partnerships with real value added to Saudi Arabia. We believe our support for future sports will also contribute to the growth of various sectors globally,”said Yasir Al-Rumayyan, PIF Governor.

“Our partnership with E1 will help drive the development of innovative sustainable technology, which in turn will well position the Kingdom among the future industries while providing more significant development opportunities,” he noted.