Pagani could reach Formula 1 from the hand of Saudi sovereign wealth fund

The Saudi kingdom is 30 percent owned by the company founded by Horacio Pagani.

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El Public Investment Fund (PIF) of Saudi Arabia, that three months ago acquired 30 percent of Pagani Automobili, I would be willing to contribute billion euros to work in the business development of the company founded by the Argentine Horace Pagani. As part of this strategy, the landing of the brand in the Formula 1.

The investment made by the PIF, chaired by the crown prince Mohammed bin Salman al-Saud, is part of the strategy Saudi Vision 2030 that guides the diversification of the economy of Saudi Arabia, a kingdom that aspires to become less and less dependent on oil.

Horacio PaganiAs reported The Gazzetta di Modena, which echoed a news item published by the economic-financial newspaper Milano Finanza, the goal of PIF is not only to continue with Pagani in a path of innovation in the high-performance car market but also exploring new opportunities growth in the lifestyle segment with the division Pagani Art from the automaker. In that context, the idea of ​​taking Pagani to the highest category would fit.

Milano Finanza stated that in this project he would play an important role Aramco, one of the largest oil companies in the world that is controlled by the Saudi government and which would become a commercial and marketing partner of Pagani.

Gazzetta di Modena
La Gazzetta di Modena echoed an article published by Milano Finanza.

The financial newspaper goes further and does not rule out including the Italian in some way Valentino Rossi, with whom Aramco has had discussions to sponsor his team VR46 de MotoGP...

“Pagani was and continues to be economically autonomous, financially sound and liquid. So much so that the PIF bought my private shares to enter the company. We choose them among several suitors because we have known them for several years and we like them very much: they are people who invest for the long term. Pagani today wants to grow the lifestyle part and this is in line with Saudi Vision 2030 ”, Pagani, 65, said recently in an interview with The Watcher Post.

Pagani Automobili produces around fifty sports cars a yearHas 170 employees in total and an annual turnover of about 122 millones de euros. The most emblematic models are the Zonda (released in 1999) and the Huayra (2011), with versions worth more than 2 millones de euros.

 

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autoworld

autoworld is the blog about news from the automotive industry, motorsport and the culture of the region. Director: Diego Durruti.

2 comments

  1. There is a big mistake in this article: the maximum price of a Pagani is 2 million euros, and not 20, as stated in the note.

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