Ben Sulayem guides FIA to financial turnaround, marking new era of growth and stability

Dubai: The FIA has bounced back from years of financial instability to post its strongest results in nearly a decade — a €4.7 million operating surplus for FY2024 — marking a major turnaround under the leadership of President Mohammed Ben Sulayem.

At the close of the 2024 fiscal year, the Fédération Internationale de l’Automobile (FIA), the global governing body for motor sport and the federation for mobility organisations worldwide, also reported operating income of €182.0 million — a significant leap from the €24.0 million operating loss recorded in 2021, prior to Ben Sulayem’s term.

Fulfilling a key pledge in his 2021 manifesto, Ben Sulayem has overseen a strategic transformation of the organisation, streamlining internal systems and improving operational efficiency.

The FIA has strengthened its teams, restructured working practices, and shifted to a more financially sustainable model. These changes have underpinned the latest results, which will be published in full in the FIA’s 2024 Activity Report this June.

“Upon my election as President of the FIA, I committed to ensuring a profitable operation,” said Ben Sulayem. “Today, I am incredibly proud to show that we have achieved this mission, delivering the strongest set of financial results in eight years.

“Improving governance, transparency and the financial health of the FIA was central to my manifesto pledge. I will continue to work with all our internal and external stakeholders to drive positive change and deliver better outcomes for our Member Clubs, our people and all those we serve.”

The €4.7 million surplus represents a major improvement from 2023, with operating income increasing by €26.7 million — a 17 per cent year-on-year rise. The FIA also confirmed that it holds no financial debt as of the end of FY2024 and maintains a healthy equity ratio of 45 per cent.

Since 2021, the FIA’s leadership has implemented rigorous reforms, including tighter procurement controls, increased automation, the introduction of internal quarterly reporting, and a financial steering model that enables better decision-making at the senior level.

These measures have improved budget control and allowed for more strategic allocation of resources across the FIA’s core focus areas — motor sport and mobility.

As part of its enhanced governance, the FIA has introduced a midyear General Assembly to ensure audited financial statements from the previous year are completed and released on schedule.

For the second consecutive year, a full Activity Report will be published ahead of the General Assembly in June. This year’s report includes a redesigned profit and loss format to improve clarity and transparency.

The organisation’s return to financial health brings an end to a five-year period of operating losses and paves the way for renewed investment into the seven World Championships it governs, as well as enhanced support for its 245 Member Clubs worldwide.

With this strong financial foundation, the FIA — a not-for-profit organisation — is now better positioned to deliver on its long-term priorities: growing grassroots participation in motor sport, driving innovation in mobility, and advancing its global sustainability agenda.