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).
This story is from the December 01, 2024 edition of The Straits Times.
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This story is from the December 01, 2024 edition of The Straits Times.
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