Formula E: Partnership with Saudi Arabia Is a Global Model for Advancing Sustainable Transport

Formula E races serve as a means for testing new technologies in electric cars. (Asharq Al-Awsat)
Formula E races serve as a means for testing new technologies in electric cars. (Asharq Al-Awsat)
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Formula E: Partnership with Saudi Arabia Is a Global Model for Advancing Sustainable Transport

Formula E races serve as a means for testing new technologies in electric cars. (Asharq Al-Awsat)
Formula E races serve as a means for testing new technologies in electric cars. (Asharq Al-Awsat)

Formula E’s partnership with Saudi Arabia and the Kingdom’s Public Investment Fund (PIF) is emerging as a global benchmark for redefining the future of sustainable transport and clean energy, aligned with the ambitions of Saudi Vision 2030.

Julia Pallé, Vice President of Sustainability at Formula E, said that the collaboration with the Kingdom stems from a shared vision, highlighting that both Saudi Arabia and the PIF aim to be agents of change.

One of the earliest joint initiatives was the launch of a fully female racing test in Saudi Arabia, soon after the country lifted its driving ban on women. This move reflected a mutual commitment to challenge existing norms and explore new opportunities.

Tracing the origins of Formula E, Pallé explained that the championship was launched eleven years ago with two main objectives: advancing electric vehicle (EV) technology and reshaping public perception. At the time, electric cars had limited range and options, with the Nissan Leaf being one of the few available models.

Thanks to the advancements spurred by Formula E, battery capacity has increased by over 200 percent. In the early seasons, drivers needed two cars to complete a race due to battery limitations, something that is no longer the case today.

Formula E has become a vital testing ground for automotive manufacturers to develop broader EV technologies, she said. Simultaneously, by hosting races in urban centers, the championship has helped integrate electric mobility into modern life, aligning it with contemporary and sustainable lifestyles.

Pallé noted that the partnership with PIF has extended Formula E’s presence in the Kingdom and opened the door to broader ambitions. Through initiatives like “Driving Force,” aimed at students, the collaboration is nurturing a new generation of changemakers by equipping them with knowledge in green skills, sustainability, and social impact.

She explained that in just one season, the initiative reached over 50,000 students, with plans to double that number in the upcoming season.

Another initiative, “Change. Accelerated. Live,” explores the broader narrative of how the PIF is contributing to a more sustainable and equitable future through sports, she told Asharq Al-Awsat.

Formula E does not view its growth as a contradiction to sustainability, but rather as an opportunity to accelerate innovation. The organization follows a technological roadmap that anticipates consumer challenges over the next five to ten years and works proactively to address them.

A recent example is a project launched in Jeddah, showcasing cutting-edge ultra-fast charging technology. The initiative aims to build confidence in electric mobility by highlighting real, existing solutions to infrastructure challenges.

Pallé pointed to tangible examples of race-to-road technology transfers. Nissan, for instance, enhanced battery performance by 200 percent based on lessons learned from the racetrack. Jaguar also implemented improvements from its I-PACE eTROPHY racing series into its consumer vehicles, resulting in a 10 percent increase in battery life for drivers worldwide.

On whether Formula E aims to compete with or replace Formula 1, Pallé made clear that the two are not rivals. She noted that Formula E offers a completely different experience, targeting a younger and more family-oriented audience. It was designed as a sport of the future, more accessible, more sustainable, and deeply aligned with environmental principles.



Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
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Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo

Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington, according to Reuters.

The US and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

A foreign ministry spokesperson said: “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world's most-populous nation.

Although a US-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had “committed to stop directly or indirectly” importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said US officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

 


IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.


Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.