Saudi Arabia's $500 billion giga-project NEOM has partnered with McLaren Racing to become the title partner of the McLaren Formula E and Extreme E racing teams.

McLaren will collaborate with NEOM across multiple areas, becoming a founding partner of OXAGON, according to a statement.

In November 2021, Saudi Arabia's Crown Prince Mohammed bin Salman announced the launch of NEOM's industrial city, known as OXAGON, which is set to be the largest floating industrial hub in the world.

Nadhmi Al-Nasr, CEO of NEOM, said: "The partnership will allow us to share our collective resources and experience to yield exciting results, not only for our own organizations, but also for the broader automotive and sports industries."

McLaren will be located within OXAGON's Research and Innovation Campus, which is being designed by international architects, Grimshaw.

"Working with OXAGON will allow us to make meaningful contributions through our Accelerator program and assist with the development of advanced and clean industries," Zak Brown, CEO of McLaren Racing said.

The campus will provide cutting edge facilities and collaboration spaces, accelerating ideas from labs to market to develop industries and products of the future, the statement said.

Last year, McLaren Group Ltd. had secured $760 million in funding from investors including Saudi Arabia’s PIF, as the supercar maker and racing team brand tried to recover from the impact of the pandemic.

(Writing by Seban Scaria; editing by Daniel Luiz)