Transformative Rebrand: PIF Takes Center Stage in Global E-Mobility
Saudi Arabia's state-backed Public Investment Fund (PIF) has signaled its intent to play a significant role in the realm of electric motorsports as it undergoes a rebrand.
With $700 billion in assets under management, the sovereign wealth fund announced the makeover on Monday (22/1), emphasizing that the new identity captures PIF's heritage and symbolizes its commitment to driving transformation on a historic scale.
The rebranded PIF will take center stage at various partnership events, including its latest venture, the Electric 360 (E360) partnership.
This collaboration encompasses partnerships with Formula E, Extreme E, and E1 powerboat racing, all aimed at fostering the global growth of electric motor sports.
As the exclusive principal partner for all three series, PIF envisions not only accelerating the development of Science, Technology, Engineering, and Mathematics (STEM) initiatives globally but also spearheading community apprenticeship programs.
The multi-year partnership with E360 aligns seamlessly with Saudi Arabia's Vision 2030 agenda, which prioritizes the promotion of electric mobility and sustainable transport.
PIF has consistently demonstrated its commitment to this cause, notably through its active participation in e-mobility investments within Saudi Arabia.
Last year, the sovereign wealth fund launched the National Automotive and Mobility Investment Company, also known as Tasaru Mobility Investments, with the aim of bolstering electric vehicle manufacturing in the kingdom and fostering local supply chain capabilities for the automotive and mobility industry.
Recent data from industry specialist Global SWF revealed the extent of PIF's influence, accounting for approximately a quarter of the $124 billion spent by sovereign wealth funds globally in the past year.
PIF's expenditure in 2023 alone amounted to a significant $31.5 billion, reflecting its robust involvement in strategic investments.