Saudi Arabia to organise with E1 world racing championship for electric-powered boats

Saudi Arabia's Public Investment Fund announced on Monday a partnership with electric speed-boat designer E1 Series to organize a world racing championship for this type of craft.

Crown Prince Mohammed bin Salman said last year that the kingdom's sovereign wealth fund would inject 150 billion riyals ($40 billion) a year into the economy in 2021 and 2022, as part of a drive to diversify the kingdom's oil-dependent economy.

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