Saudi Arabia to host Formula One race in November 2021

Saudi Arabia will host a Formula One race in November 2021 in the Red Sea city of Jeddah, using scenic roads along the coast.

The move is aimed at attracting well-heeled globe-trotting visitors and raising Saudi Arabia’s profile internationally as a tourist destination, according to The Associated Press.

“Motorsports for us is very important,” Prince Khalid bin Sultan Al-Faisal, chairman of the Saudi Automobile and Motorcycle Federation, told The Associated Press in an interview.

“We would like to host these events as long as we can because our local people here in Saudi Arabia like to attend these events and be entertained and meet people from all around the world.”

Saudi Arabia has plans to build a race track in Riyadh, by 2030.

Saudi Aramco is already a global sponsor of the heavily-sponsored race.

The cost of hosting the F1 could exceed $100 million, though Prince Khalid said he also expects it will generate revenue for Saudi Arabia as the country races to diversify its economy away from dependence on the export of oil, which has plunged to less than $38 a barrel amid weaker global demand.