Latest news with #SaadKassis-Mohamed
The Hindu
2 days ago
- Automotive
- The Hindu
Saad Kassis-Mohamed's SKM Capital announces intention to revive Caterham F1 team for 2027 entry
The 2026 Formula 1 season will see the grid swell up to eleven teams for the first time in ten years, with the inclusion of General Motors-backed Cadillac F1 team. A twelfth entrant also could be a possibility after Kuwaiti investor Saad Kassis-Mohamed announced his intention to revive the dormant Caterham F1 team as SKM Racing, subject to approval from the FIA and rights holder Liberty Media. SKM Capital, of which Kassis-Mohamed is the board director, aims to secure an entry ahead of the 2027 season. The team will function out of a technical base in Silverstone and will have a race operations unit in Munich. 'F1 now operates with clearer financial guardrails and stable technical frameworks, making the category investable. We like the intersection of elite engineering, a global platform, and predictable cost governance,' Kassis-Mohamed told Sportstar. Caterham was part of the F1 grid for three seasons (2012-2014), during which it failed to score a single point. An eleventh-place finish for Vitaly Petrov in the 2012 Brazilian Grand Prix was the team's best result. After entering administration in October 2014, the team returned for a final race in Abu Dhabi that year, managing to raise enough money via crowdfunding. With the administrators failing to find a new investor, the team folded at the end of the year, with its remaining assets auctioned off in March 2015. 'Caterham has strong recall and no current grid presence. A brand licence shortens the marketing ramp without reviving the defunct corporate entity or its liabilities,' the Kuwaiti entrepreneur said, outlining the reason for not marketing the team as a new entry. The road to FIA approval is still quite far, with the FIA yet to announce the reopening of its Expressions of Interest process since its previous notification in early 2023. Cadillac's confirmed F1 entry was also far from smooth. Michael Andretti's initial attempts to form an eleventh team were met with reluctance from Liberty Media. It was only after the onboarding of an Original Equipment Manufacturer (OEM) in the form of General Motors that the team was welcomed to the grid. Despite the perceived importance of OEM support, Kassis-Mohamed said the team will apply as a customer team, hoping to strike a deal with the existing 2026 power unit suppliers. 'We respect the thresholds set by FIA/ F1. Our plan involves two options: a change of control transaction in an existing entrant or applying in the next FIA process as a compact, well-funded customer team with long-term PU supply,' he said. Despite the short turnaround time, Kassis-Mohamed is confident of setting up the infrastructure and leadership group before 2025 comes to a close, ahead of focusing on chassis systems and race operations the following year. The timeline and decision-making, however, will be contingent on regulatory and commercial approvals. Related Topics Formula 1 / FIA
Observer
24-03-2025
- Business
- Observer
Saad Kassis feted with Sudan's Presidential Medal
MUSCAT: Oman-raised Saad Kassis-Mohamed, Chairman of the WeCare Foundation, has been awarded the Sudan Presidential Medal, Order of the Republic, in recognition of his exceptional contributions to sustainable development and humanitarian initiatives. One of Sudan's highest national honours, the medal acknowledges individuals whose work has significantly advanced the nation's social and economic progress. Kassis-Mohamed has also been named to the Forbes 30 Under 30 list in the Social Impact category, celebrating his leadership in sustainable finance, ethical business and philanthropy. Born and raised in Oman, Kassis-Mohamed has developed strong personal and professional ties within Oman. Under his leadership, WeCare Foundation has actively collaborated with Omani government agencies and organisations to drive sustainability initiatives aligned with Oman Vision 2040. These include pioneering renewable energy projects, educational programmes and community development schemes aimed at fostering long-term social progress. 'Saad Kassis-Mohamed's unwavering commitment to ethical finance and social transformation has positively impacted communities in Sudan and beyond,' said Dr Hadiya Osman, Sudan's Under-Secretary, Ministry of Social Development, as she presented the Presidential Medal. 'His leadership at WeCare Foundation demonstrates how strategic philanthropy and inclusive economic development can create lasting change.' Speaking after the ceremony, Kassis-Mohamed said: 'Receiving Sudan's Presidential Medal and being recognised by Forbes is an incredible honour. However, these achievements reflect the dedication of our team at WeCare Foundation. Oman has played a significant role in shaping my values, and I am committed to fostering meaningful, sustainable change in communities worldwide.' Dr Amal El Tayeb, recipient of the 2015 Sudan National Humanitarian Leadership Award and a member of the selection committee, praised Kassis-Mohamed's achievements, stating: 'His commitment to social development, particularly through WeCare Foundation's cultural and sustainability initiatives, has been instrumental in restoring heritage sites and uplifting communities.' Over 200 distinguished guests, including senior government officials and representatives from international development organisations attended the award ceremony.
