From Oil to Motorsports: The Motivation Behind Saudi Arabia’s Sponsorship of Formula 1 Events

Abstract

Saudi Arabia is country that has a large supply of natural resources derived from oil refineries in its vast desert. However, over time the oil industry sector cannot be relied upon continuously, so Saudi Arabia began to strive to diversify and reform its economy through several sector strategies, one of which is Formula 1. By using the theory of national interest proposed by K.J Holsti, this study focuses on the interests behind Saudi Arabia's Sponsorship in Formula 1 which are then analyzed using two dimensions, namely the Middle Range Objective and Long-range Goals dimensions. The results of the study show that Saudi Arabia gets quite significant benefits from Formula 1 in both dimensions which are the basis of the analysis in accordance with the vision and mission of the Saudi Vision 2030 framework.