Commenting on the partnership, Nadhmi Al-Nasr, CEO of NEOM, said: “Our partnership with McLaren Racing complements NEOM’s commitment to driving sustainable solutions and tackling some of society's most pressing challenges.”

“The partnership will allow us to share our collective resources and experience to yield exciting results, not only for our own organizations, but also for the broader automotive and sports industries.”

“NEOM is an economic engine for Saudi Arabia and will be a hub for innovative businesses like McLaren Racing to conduct cross-industry research, incubate, collaborate and bring new technologies to the world,” he added.

McLaren will collaborate with NEOM across multiple areas, becoming a founding partner of OXAGON, a city in NEOM set to be a blueprint for the future of advanced and clean industries and a hub for innovation.

McLaren will be located within OXAGON’s Research and Innovation Campus, which is being designed by international architects, Grimshaw.

The campus will provide cutting edge facilities and collaboration spaces, accelerating ideas from labs to market to develop industries and products of the future.

Zak Brown, CEO of McLaren Racing, said: “We are delighted to welcome NEOM to the McLaren Racing family. This is an incredible way to kick off our entry into Formula E and to unify our electric racing series.

“We are thrilled to introduce NEOM McLaren Electric Racing and to work with NEOM to nurture talent and drive innovation. Working with OXAGON will allow us to make meaningful contributions through our Accelerator program and assist with the development of advanced and clean industries.”

Additionally, through its bespoke Accelerator program, where performance-driven data can be translated into the culture and thinking of its partners, McLaren will lend its digital and analytical expertise as a technical partner of OXAGON’s advanced and clean manufacturing ecosystem.

A further significant element to the partnership will be rolled out during 2023 when, in line with NEOM’s commitment to developing Saudi talent, McLaren and NEOM will create a bespoke program to nurture engineers and students.

Twenty Saudi graduates from NEOM’s Graduate Program will each take part in a one-year placement with McLaren Racing at the McLaren Technology Center in the United Kingdom. Entitled ‘The McLaren Way,” this performance and development program will help unlock the performance and potential of all NEOM teams through a range of initiatives.

The partnership is part of NEOM’s continued commitment to sustainable goals within motorsport across both Formula E and Extreme E, with both race formats competing in exhilarating racing across the globe.

Building on the success of NEOM’s Mercedes-EQ Formula E principle partners relationship, NEOM McLaren Formula E Team will be formed through the acquisition of the Mercedes-EQ Formula E Team, expected to complete later this year, which will see the reigning champion team become part of the McLaren racing family.

NEOM was also the location for Extreme E’s second-season inaugural race, which took place in February of this year. The race helped to raise awareness of the challenges faced by climate change as well as the need to continue developing sustainable motorsport technologies within the region.

Saudi Arabia has invested significantly in motorsport platforms in recent years, with the Ministry of Sport signing agreements to host Formula E, Extreme E, Formula One and the Dakar Rally.