Saudi Arabia’s state-backed Public Investment Fund (PIF) has undergone a rebrand as it charts further expansion in the sporting arena with a series of deals to elevate electric motor sports.

The brand revamp ‘captures PIF’s heritage’ and ‘embodies its commitment to progress and growth in driving transformation at a historical scale’, the sovereign wealth fund with $700 billion assets under management, said in a statement on Monday.

The new identity will be used at all PIF partnership events, which will include the new Electric 360 (E360) partnership with the Formula E, Extreme E and E1 powerboat racing to support the growth of electric motor sports globally.

PIF is the sole principal partner for all three series, which the fund says will directly facilitate and accelerate the delivery of STEM initiatives globally and community apprenticeship programmes.

The multi-year partnership with E360 is also a push for the kingdom’s Vision 2030 agenda to promote electric mobility and sustainable transport.

PIF has been heavily involved in e-mobility investments in Saudi, with the SWF launching the National Automotive and Mobility Investment Company, or Tasaru Mobility Investments, last year, in a bid to boost electric vehicle manufacturing in the kingdom and develop local supply chain capabilities for the automotive and mobility industry.

Earlier this month, a report from industry specialist Global SWF revealed that PIF accounted for about a quarter of the $124 billion spent by sovereign wealth funds worldwide last year, accounting for $31.5 billion spent in 2023.

(Writing by Bindu Rai, editing by Brinda Darasha)