Formula E's deal will bring global motorsport to Saudi Arabia for the first time while the venue, which will be on the outskirts of the city, will be the background of the competitive debut of the championship's all new Gen2 machinery.
The 2018/19 ABB FIA Formula E Championship will kick off in the Middle-East, with the Saudi Arabian capital of Riyadh scheduled to host the opening round of the season in December.
Pending confirmation of the calendar by the International Automobile Federation's (FIA) World Motor Sport Council, the E-Prix will see the Formula E cars navigate the streets of the Ad Diriyah district - with experienced motorsport promoter Carlo Boutagy tasked to deliver and promote the race through his company CBX.
Speaking on adding Riyadh to the calendar, Formula E, Founder and CEO, Alejandro Agag said, "Bringing racing to Riyadh for the first round of the new season is the ideal setting for the next phase of the ABB FIA Formula E Championship".
"Saudi Arabia is looking to the future and Formula E is the motorsport of the future", Prince Abdulaziz bin Turki Al Faisal al Saud, vice-chair of the GSA, said in a statement on the Formula E website. "Many other sports are already increasing their presence in Saudi Arabia and we're proud that they've chosen Formula E over other categories in racing".
The all-electric Formula E motor racing series will start its 2018-19 season in Saudi Arabia, organizers said on Thursday.
Saudi Arabia is targeting 9.5 gigawatts of annual renewable energy by 2023 in line with Vision 2030, an economic reform plan launched in 2016 to diversify the economy beyond oil.
"Saudi Arabia is looking to the future and Formula E is the motorsport of the future, that's why this is such an exciting opportunity", said Abdulaziz.
Saudi Crown Prince Mohammed bin Salman was allegedly hit by two bullets during the April 21 attack on the royal palace in Riyadh and may actually be dead as he has not appeared in public since the incident, Kayhan newspaper reports citing "a secret service report sent to the senior officials of an unnamed Arab state". "For all fans, men, women, young and old, the dream of a hosting a "home race" will now come true", he added further. "This is the latest in a series of game-changing sports events that the people of Saudi Arabia will now be able to enjoy as families, with benefits that go far beyond the sport to deliver a positive impact across our society".