Saudi arabian oil

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 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

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