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F1'S GULF TIES DEEPEN WITH AUDI-QATAR DEAL
The Straits Times
|December 01, 2024
Middle Eastern influence can be felt through the number of races to investors to personnel
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Qatar's long-term investment in the future Audi Formula One team, announced at the country's grand prix on Nov 29, brings obvious benefits for both, and increases the Gulf region's influence in the sport.
Four of the current 24 races are in the Middle East - one more than the United States - with Abu Dhabi, Bahrain, Qatar and Saudi Arabia paying hefty hosting fees to Liberty Media-owned Formula One.
Bahrain's sovereign wealth fund Mumtalakat owns the McLaren Group, while sportscar maker Aston Martin is part-owned by Saudi Arabia's Public Investment Fund with energy giant Aramco the team's title sponsor.
Qatar Airways and Aramco are also among 10 global partners of the sport, and the International Automobile Federation is headed by Emirati Mohammed Ben Sulayem.
For Volkswagen-owned Audi, who will take over the Swiss-based Sauber team from the 2026 season, the Qatar Investment Authority's (QIA) agreement to take a significant minority stake brings in a partner with estimated assets of some US$510 billion (S$682.5 billion).
यह कहानी The Straits Times के December 01, 2024 संस्करण से ली गई है।
हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।
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