NEOM, Saudi Arabia’s $500 billion giga-project, has partnered with McLaren Racing to bolster innovation and talent development in electric motorsport. 

As per the strategic partnership, NEOM will become the title partner of the McLaren Formula E and Extreme E racing teams, bringing two all-electric race series together for the first time under the banner of NEOM McLaren Electric Racing. McLaren will join forces with NEOM across multiple areas, becoming a founding partner of Oxagon, which is set to be the largest floating industrial hub in the world. 

“The partnership will allow us to share our collective resources and experience to yield exciting results, not only for our organizations but also for the broader automotive and sports industries,” said Nadhmi Al-Nasr, CEO of NEOM, in a statement.

McLaren will be located within Oxagon’s Research and Innovation Campus, which UK-based Grimshaw Architects are designing. The statement said the campus would provide facilities and collaboration spaces, accelerating ideas from labs to market to develop future industries and products.

“Working with Oxagon will allow us to make meaningful contributions through our Accelerator program and assist with developing advanced and clean industries,” Zak Brown, CEO of McLaren Racing, added.

Last year, McLaren Group had secured $760 million in funding from investors, including Saudi Arabia’s PIF, as the supercar maker and racing team brand tried to recover from the impact of the pandemic.