Saudi arabian currency

The Saudi Arabian Grand Prix will remain at the Jeddah Corniche Circuit until 2027 while construction of the Qiddiya circuit begins, race promoters have announced. Advert | Become a Supporter & go ad-free The street circuit in Jeddah was intended to host the Saudi Arabian Grand Prix initially before the race moved to a new venue in Qiddiyah as part of a major entertainment complex under development in the area. The Qiddiya project was announced by crown prince Mohammad bin Salman in July 2017. The vast development, situated 40 kilometres from Riyadh, will cover an area of 334 square kilometres. Saudi Motorsport Company CEO Martin Whitaker says the Jeddah circuit has undergone development in order to allow the venue to continue hosting the race over the next five years. “It’s important that we future proof the Jeddah track and for this reason we have again been working with the FIA and Formula 1 to ensure that we have a circuit that will allow us to stage the sport … [Read more...] about Saudi Arabian GP to stay at Jeddah until 2027 as work on Qiddiya begins · RaceFans

The owners of Formula 1 have reportedly rejected a multi-billion offer from Saudi Arabia’s sovereign wealth fund to buy the sport, insisting it is not for sale. Liberty Media purchased the sport for $4.4 billion in 2017 but the popularity of F1 has risen sharply since then, giving it a current valuation of $15.2 billion. There is plenty of interest to host a race as well as own a team but it appears now there is also interest in purchasing the sport outright with Bloomberg reporting that Liberty Media has rejected a bid from Saudi Arabia’s Public Investment Fund, claimed to be more than $20 billion. The American media company reports that a bid was submitted in 2022 but was rejected in the early stages with Liberty Media unwilling to sell to their prized asset. PlanetF1.com has reached out to Formula 1 for a comment. The Saudi Arabia Public Investment Fund or PIF has been on a drive to add to its sports portfolio, most recently purchasing Premier League side Newcastle … [Read more...] about Liberty Media reportedly reject multi-billion Saudi Arabian bid to buy Formula 1

The Grand Prix Drivers’ Association has issued a statement explaining how they arrived at the decision to continue the Saudi Arabian Grand Prix following yesterday’s missile strike. Advert | Become a Supporter & go ad-free The FIA and Formula 1 reacted to the explosion 10 kilometres from the Jeddah Corniche Circuit during yesterday’s first practice session by insisting the event would go ahead . Team principals indicated they supported the decision unanimously. However the drivers remained in a meeting at the circuit discussing the event until the small hours of the morning. Several of their team principals returned to join the discussion. As the meeting broke up the consensus appeared to be that the event would continue, despite the concerns that had been aired. GPDA chairman Alexander Wurz issued a statement on behalf of the group saying the drivers had “natural human concerns” over the attack. They aired “a large variety of opinions” in their meeting but … [Read more...] about F1 drivers explain why they agreed to race in Saudi Arabia despite “concerns” over attack · RaceFans

Listen to this article Saudi Arabia hosted its first F1 race in 2021 at the Jeddah Corniche Circuit, which was intended to be a temporary home for the grand prix before moving to the new-build city of Qiddiya on the outskirts of Riyadh. But as work continues on the state-of-the-art facility, Jeddah is now expected to host the race for at least another four years, with a number of the temporary facilities at the track being made permanent. "It's important that we future-proof the Jeddah track and for this reason we have again been working with the FIA and Formula 1 to ensure that we have a circuit that will allow us to stage the sport in Jeddah while work begins on the track in Qiddiya," said Martin Whitaker, the CEO of the Saudi Motorsport Company that promotes the race. "The Qiddiya automotive centre is being designed to lead the world in Formula 1 circuit design and entertainment. A unique and exciting project, Qiddiya will be a location that everyone will want to … [Read more...] about Saudi Arabia F1 race set to remain in Jeddah until at least 2027

The Jeddah Corniche Circuit is set to remain on the Formula 1 calendar until at least 2027, while a new circuit in Saudi Arabia is under construction. A new, permanent circuit is now being built in the new-build city of Qiddiya in Saudi Arabia, with facilities in place in Jeddah being improved for the next few seasons, as the new home of Saudi Arabia’s Formula 1 round is put together. Jeddah had been initially pencilled to be a temporary home for the Saudi Arabian Grand Prix while the Qiddiya track was built outside Riyadh, but temporary circuit facilities are being made permanent to account for its longer-than-planned stay on the calendar, with work in Qiddiya continuing. The Jeddah track, billed as the world’s fastest street circuit, is now set to be on the calendar for at least the next four years as a result, and Martin Whitaker, chief executive of the race-promoting Saudi Motorsport Company, explained that the first priority is to keep the current circuit fit for purpose. … [Read more...] about New Saudi track under construction, Jeddah set to remain on calendar until 2027

FIA president Mohammed Ben Sulayem has addressed a rumoured $20billion buyout bid from Saudi Arabia’s sovereign wealth fund over a possible takeover of Formula 1, calling for “common sense” from potential buyers. A report from Bloomberg emerged over the weekend claiming the Saudi Arabian Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman, had lodged a bid of $20billion [£16.2bn] to Formula 1 owners Liberty Media to take over the rights to the sport, though this was reportedly rejected. Liberty, which bought Formula 1 in 2017 for $4.6billion, has rapidly increased the value of the sport through a substantial expansion in its audience, brought about in no small part to the global appeal of Netflix docuseries Drive To Survive , which has brought a new wave of fans to the sport – though FIA president Ben Sulayem believes a $20billion price tag on Formula 1 is “inflated”. Along with the current growth in key markets such as the United States, the … [Read more...] about FIA president addresses $20bn Saudi Arabia F1 bid reports

The first grand prix in Saudi Arabia looks increasingly likely to form part of the 2021 F1 calendar . Advert | Become a Supporter & go ad-free A street race is being planned in the Middle Eastern’s country’s second-largest city, Jeddah, which is home to around 3.5 million people. The city had previously been tipped to host a one-off race next year prior to F1’s relocation to an ambitious, purpose-built facility which is being built in the multi-billion pound entertainment complex Qiddiya . However delays to this project resulting from the global pandemic mean the Jeddah circuit may hold more than one race over the coming years. Formula 1 is keen to cement its ties with Saudi Arabia after signing a lucrative, long-term sponsorship deal with the Saudi Arabian Oil Company . Its Aramco signage has been highly visible at races this year, and it has title naming rights to the Hungarian, Spanish and Eifel grands prix. In order to allow maximum time for track … [Read more...] about New street race in Saudi Arabia likely to join 2021 F1 calendar · RaceFans

The president of the FIA says any potential buyer for Formula 1 must apply “common sense” following reports a Saudi Arabian fund made a $20 billion (£16.16bn) bid for the sport. Advert | Become a Supporter & go ad-free A report last week claimed the Saudi Arabian Public Investment Fund made an approach to F1’s owners Liberty Media which was turned down. Liberty Media bought the series from CVC Capital Partners and other stakeholders in 2016, in a deal which valued it at $8 billion (£6bn). FIA president Mohammed Ben Sulayem warned a $20bn sale price could have negative consequences for the sport. “As the custodians of motorsport, the FIA, as a non-profit organisation, is cautious about alleged inflated price tags of $20bn being put on F1,” he wrote on social media. “Any potential buyer is advised to apply common sense, consider the greater good of the sport and come with a clear, sustainable plan – not just a lot of money. “It is our duty to consider what the … [Read more...] about FIA president warns over ‘inflated $20bn price’ for F1 · RaceFans

Listen to this article Rather than it being a side story to F1’s ongoing Netflix-era soap opera, it potentially marks the start of a change of dynamic in the way the championship is run. While in public there has long been a united front between FIA president Mohammed Ben Sulayem and F1 CEO Stefano Domenicali, paddock regulars know that things have been different behind the scenes. Away from the spotlight of television cameras, microphones and journalists’ notebooks, tensions have been simmering away for months now. Although many of the clashes of opinion between the FIA’s top man and chiefs at F1 owners Liberty Media were previously dealt with amicably behind closed doors without the need for dirty laundry to be aired in public, things have taken a big turn this week. Indeed, F1’s angry letter to Ben Sulayem about his remarks of an ‘inflated’ $20 billion price tag for the series has effectively made what one senior paddock source says is now ‘open warfare’ between F1’s … [Read more...] about What next for F1 after FOM’s broadside to Ben Sulayem