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Audi Takes Minority Stake in Swiss-Based Sauber Group

02 October 2018, France, Paris: An employee polishes the logo of an Audi vehicle on the first press day of the Paris International Motor Show. (dpa)
02 October 2018, France, Paris: An employee polishes the logo of an Audi vehicle on the first press day of the Paris International Motor Show. (dpa)
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Audi Takes Minority Stake in Swiss-Based Sauber Group

02 October 2018, France, Paris: An employee polishes the logo of an Audi vehicle on the first press day of the Paris International Motor Show. (dpa)
02 October 2018, France, Paris: An employee polishes the logo of an Audi vehicle on the first press day of the Paris International Motor Show. (dpa)

Audi has taken a minority stake in the Sauber Group whose Swiss-based Formula One team are due to become the German car manufacturer's factory outfit from 2026.

Sauber said in a statement on Monday that, as planned, the Volkswagen-owned brand took the stake this month but gave no financial details.

"This is an important milestone on the way to Audi’s entry in Formula One," it said.

Audi announced last October that it had agreed to take a stake in Sauber Group, which has been involved in Formula One since 1993 and whose team are competing this season as Alfa Romeo using Ferrari engines.

Audi will make its own F1 power unit in Neuburg, Bavaria.

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Saudi Arabia’s Participation in Paris Olympics Part of Quality of Life Program, Al-Bakr Says

The efforts of the sports system have combined to achieve the strategic goal assigned by Vision 2030 to the Quality of Life Program. (SPA)
The efforts of the sports system have combined to achieve the strategic goal assigned by Vision 2030 to the Quality of Life Program. (SPA)
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Saudi Arabia’s Participation in Paris Olympics Part of Quality of Life Program, Al-Bakr Says

The efforts of the sports system have combined to achieve the strategic goal assigned by Vision 2030 to the Quality of Life Program. (SPA)
The efforts of the sports system have combined to achieve the strategic goal assigned by Vision 2030 to the Quality of Life Program. (SPA)

CEO of Saudi Arabia’s Quality of Life Program Khalid bin Abdullah Al-Bakr said on Friday the Kingdom’s participation in the Paris 2024 Olympic Games is part of integrated and comprehensive efforts to build a distinguished future for the sports sector in the Kingdom.

This will help reach the goals of the Kingdom’s Vision 2030 in achieving sports excellence and building a vital and stimulating sports sector for young Saudi men and women.

Al-Bakr said the participation reflects the support of the country’s wise leadership for the sports sector, as well as the efforts made by the Ministry of Sports and the Saudi Olympic and Paralympic Committee to develop the sector under the supervision of Sports Minister and Chairman of the Olympic and Paralympic Committee Prince Abdulaziz bin Turki bin Faisal.

The efforts of the sports system have combined to achieve the strategic goal assigned by Vision 2030 to the Quality of Life Program, which is “achieving excellence in several sports regionally and globally” by launching several initiatives on supporting and empowering Saudi athletes and contributing to increasing the number of athletes participating in the Olympic Games.

Since its launch in 2018, the program has offered many initiatives to develop the sports sector, Al-Bakr said. He cited the Elite Athletes Development Program, which trained and empowered Saudi players participating in the Paris Olympics, in addition to initiatives concerned with supporting and empowering women to contribute to the sports system, the Saudi Games, and building sports academies, including the establishment of Mahd Academy.

The program seeks to discover, develop, and support sports talents with the aim of creating a sports generation capable of competing in and representing the Kingdom in various regional and international events, he added.