The Clap
The Public Investment Fund has announced a partnership with global electric motorsports championships, aiming to enhance the growth of electric motorsports worldwide.
What
The Public Investment Fund stated that the new partnership named “Electric 360” extends over several years. It includes “Formula E” for fast electric car races, “Extreme E” for electric off-road vehicles, and “E1” for fast electric boats.
So What
Saudi Arabia’s sovereign wealth fund hopes that the new partnership will serve as a platform for initiatives that showcase the strength of electric motorsports and its ability to support technological innovation.
In addition to making a transition to the future of sustainable transportation and contributing to reducing carbon emissions.
This is part of Saudi Arabia’s commitment, as the “largest oil supplier in the world,” to be a “leading provider” of all types of energy. This is achieved by focusing on renewable energy, green hydrogen production, and carbon capture technologies.
Some Context
The fund unveiled its evolved identity, embodying its heritage and values. It reaffirms its commitment to achieving growth and continuing to lead national transformation. The “evolved identity” is set to be used in all its partnerships, including “Electric 360.”
Now What
The “Investment Fund” raised USD 5 billion from the bond issuance across three tranches on Monday. The bonds were sold with maturities of 5, 10, and 30 years, with demand exceeding USD 27 billion, excluding the lead manager’s requests.
This marks the first debt issuance for the sovereign wealth fund this year, following its issuance of sukuk in October and green bonds in February of the previous year. The fund, managing assets exceeding USD 700 billion, joins the wave of bond issuances witnessed in emerging markets this year.
