Saudi Arabia has unveiled plans for a purpose-built circuit in a new entertainment and business development outside of the capital city, Riyadh.
The Qiddiya circuit has been designed by ex-Formula 1 driver Alex Wurz and it is hoped it will be completed by 2023.
There is currently no commercial agreement between Formula 1 and circuit officials, but Saudi Arabia has expanded its sporting portfolio in recent years, including in motorsport.
Formula E currently has a 10-year deal to race in Saudi Arabia, the Race of Champions has been held in the country, while this month’s Dakar Rally moved to the state.
Saudi Arabia’s best hopes of holding an F1 race rest with this new development and chief executive officer Mike Reininger is hopeful the government will succeed in its negotiations with Liberty Media.
“We’re building a facility in the hope there will be a deal struck and there is a race here in Saudi,” he told the BBC.
“The formalisation of a race is not for us at Qiddiya. It is outside the confines of the project itself. But we are building a facility that will be able to host a really world-class event as one of the signature items we will have on offer here at Qiddiya as we open in 2023.”
The track will be built to FIA Grade One standard and will therefore be capable of hosting both F1 and MotoGP.
During the launch event, several current and former drivers were present including Romain Grosjean, Nico Hulkenberg, Damon Hill, David Coulthard and former MotoGP rider Loris Capirossi.
The development is set to include a drag strip, rallycross and rally stages, a motorsport business park as well as sports stadiums, a golf course, accommodation, shopping and hotels.
Formula 1 currently races in nearby Bahrain and the United Arab Emirates while MotoGP’s season-opener is held in Qatar.