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Pirelli to manufacture tyres in Saudi Arabia - GRAND PRIX 247 (www.grandprix247.com)

submitted 1 year ago by [email protected] to c/[email protected]

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PIF, Saudi Arabia’s $700-Billion sovereign wealth fund, will hold a 75% stake in the new JV, with Pirelli holding the remaining 25% and providing the technical and commercial support for the development of the project, the two groups said.

Reports back in January claimed that the PIF was targeting to buy Formula 1 from commercial rights holders Liberty Media and planning to pay up to $20-Billion.

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[–] [email protected] 13 points 1 year ago

Yuck. I’m sure they’ll be happy to use all that slave labor.