The Saudi Investment Fund signs a partnership to establish a unique world championship

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The Saudi Investment Fund signs a partnership to establish a unique world championship

Reuters

Today, Monday, the Saudi Public Investment Fund announced the signing of an agreement with the electric marine racing company “E1 Series”, to establish the first-ever world championship for electric boat racing.

The partnership was announced during a virtual launch ceremony, in which a number of senior officials of the “E1 Series” participated. The ceremony also witnessed the launch of design details for the new electric racing boat called “Race Bird”.

The partnership is an essential step in the establishment phase of the World Electric Boat Racing Championship, and the acceleration of preparations for the inaugural season, scheduled for the beginning of 2023.

Saudi Arabia will be one of the sites nominated to host the race in its first edition.

The Governor of the Saudi Public Investment Fund, Yasser Al-Rumayyan said, “We are proud to establish this unique partnership in a sport with a new concept, as it comes within the framework of the Fund’s strategy aimed at enabling innovation globally as well as opening new horizons for future industries and building strategic economic partnerships, and we believe that our support for new technologies In the sports sector, it will contribute to the development of many strategic sectors at the global and local levels.”

He added, “Our partnership with the E1 Series will contribute to efforts to develop sustainable technology, which will enhance the Kingdom’s position in the industries of the future, and enable it to provide more important development opportunities for the national economy.”

In turn, the partner and Chairman of the Board of Directors of “E1 Series”, Alejandro Agag, expressed his pride in partnering with the Public Investment Fund in this vital project, noting that “obtaining the Fund’s support in the founding phase confirms the importance of the upcoming tournament, and embodies our ambition to revolutionize the mobility industry. Bahri, adding that the new design of the Race Bird boat will accelerate the pace of industry change and provide sustainable solutions for leisure and tourism boats in the future, looking forward to working with the Fund to move towards a new era of electric fast boat racing.

It is noteworthy that the Public Investment Fund contributed to developing and stimulating the entertainment, tourism and sports sector in the Kingdom of Saudi Arabia, within the objectives of Vision 2030, by supporting high-level sporting events, such as sponsoring the World Heavyweight Boxing Championship and sponsoring the Diriyah Formula E race.

Source: Was





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