The Bahrain International Circuit (BIC) has generated $1.3 billion direct revenues in addition to indirect huge economic impact as part of motorsport in the Kingdom of Bahrain, according to Chief Executive of BIC.
“The total cumulative direct economic value from 2005 through 2012 has been estimated at $1.3 billion. Additional economic benefits included the creation of over 3,000 temporary jobs during the GP with almost 400 permanent jobs throughout the year; over 100,000 visitors (15% from Europe and other GCC countries); hospitality and tourism sectors earn an average of US$100-150 million; Hotels which partner with BIC experience full occupancy status during the Grand Prix.; 45-50% of Grand Prix visitors use Gulf Air as their primary carrier (25% are overseas and the rest are from GCC),” Shaikh Salman Bin Isa Al Khalifa, Chief Executive, BIC, said.
Capital Club Bahrain hosted Shaikh Salman Bin Isa Al Khalifa, who discussed the business of BIC, including the economic and business benefits of motorsport for the Kingdom and wider region. The event was sponsored by Batelco and attended by over 80 of the region’s business leaders.
The discussion focused on how Formula 1 aids national objectives, its positive economic impact and the benefits of global media exposure.
The main points of Sheikh Salman’s presentation included the fact that the Gulf’s largest annual sporting and social event creates global awareness for Bahrain and Bahraini companies, plus blue chip companies, sponsors and investors.
The projected cumulative media exposure value to sponsors during the Bahrain Grand Prix from 2013-2016 is valued at $848.1 million; 17.2% of all global media exposure generated in 2013 was for local brands. 10,000 print media articles worldwide featured Bahrain in 2012. The value of Gulf Air’s global media exposure in 2012 was valued at $22.3 million. Bahrain has experienced a 52.9% growth in tourism in the period of 2004-2010.
A new initiative for 2013, organized by BIC and Bahrain Economic Development Board, called Business in Formula 1, was also announced. It offers a unique initiative for local businesses in the Formula 1 Paddock Club.