Bahrain reaps $1.3bn windfall from F1
Manama, April 2, 2014
Bahrain has benefited to the tune of $1.3 billion from eight years of Formula One, it was revealed.
The estimated total economic value of the race between 2005 and 2012 is $1,299.15 million, said Bahrain International Circuit (BIC) chairman Zayed Rashid Al Zayani in a report in the Gulf Daily News (GDN), our sister publication.
Economic returns included the creation of 3,000 temporary jobs and about 400 permanent jobs during the Gulf Air Bahrain Grand Prix, he said.
Al Zayani said total income of the hospitality industry and tourism was between $100 million and $150 million. Hotels witnessed high occupancy rates during the race and 45 to 50 per cent of the visitors used Gulf Air as the key carrier.
The total value of advertising revenues for sponsors during the race from last year to 2016 is estimated at $848.1 million, said Al Zayani adding that Bahrain witnessed a growth rate in tourism of up to 52.9 per cent from 2004 to 2010.
The circuit is all geared up to host the first night race this weekend, said Al Zayani, adding that the attendance at this year's Grand Prix will be higher as most enthusiasts will find the timing suitable.
An army of 900 race marshals will be working round the clock to ensure that this year's Gulf Air Bahrain Grand Prix is a success.
The volunteers are running through their final preparations ahead of the F1 weekend, which starts on Friday.
Motorsport Marshals Club president and clerk of the course Fayez Ramzy Fayez said the marshals will start working tomorrow through to Sunday from 9am until midnight.
"This year there will be 900 marshals who will be working in different teams consisting of medical intervention, extrication and recovery teams, race communicators, controllers and even in logistics," he said.
"We have personnel trained to handle different aspects of the race such as paramedics, pit and grid marshals, firemen and administration."
The marshals include men and women of all nationalities, ages groups and professions, some of who are seasoned marshals and others who are taking part for the first time.
"All these volunteers, who are bankers, doctors, students among other occupations are not being paid for their service, but are doing it for the love of the sport and for Bahrain," said Fayez.
All have undergone extensive training to ensure they are ready for the event.
"There will be 15 different teams spread across the circuit with each group headed by its chief, who will all constantly communicate during the race day," he said.
The 57-lap Grand Prix is scheduled to start at 6pm on Sunday and will be the third race of the World Championship.
It will also mark the official worldwide debut of the BIC's all-new, state-of-the-art track lighting system covering the 5.412km Sakhir Circuit. - TradeArabia News Service