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NEWS

Hong Kong’s Formula E has 55 percent of total share value owned by PIF

Filing records show that Saudi Arabia’s PIF holds 55% of the total share value of Extreme E Hong Kong Holdings, a motorsports competition company, at a value of EUR 50 million. This includes a 5.5% share of subsidiary Formula E, a Hong Kong-based race championship firm owned by racing entrepreneur Alejandro Agag Longo.  The PIF is becoming an almost ubiquitous investor across sport, as Saudi Arabia pushes to build cultural influence and a post-oil economy.