THE much-awaited F1 race this weekend will not only cement Bahrain’s global position as a host of the premier sporting event, but also inject capital and hope into thousands of local businesses, especially in the food and hospitality sector.
The countdown is on for the 18th Gulf Air Bahrain F1 Grand Prix that will be held from Friday until Sunday at the Bahrain International Circuit (BIC), Sakhir.
F1 teams and their celebrity drivers are currently in Bahrain along with logistics personnel and international media.
Hospitality heavyweights yesterday said relaxing of Covid-19 rules helped the sector, which has received the much-needed boost this year.
“There is good movement in the local market right now, especially in hotels and restaurants that continue to receive bookings,” Bahrain Chamber’s food wealth committee chairman Khalid Al Amin told the GDN yesterday.
Benefits
“Economic benefits of the F1 race are not limited to big companies, even small and medium enterprises are being injected with fresh liquidity due to purchase and sales.”
Mr Al Amin assured that local markets were well-stocked with essential food items, meat and other products to meet the increase in demand from F1 teams, fans and tourists visiting the country this week.
“Millions around the world watch the F1 race in Bahrain and this attracts investments and promotes the country’s image as an oasis of security and stability,” Mr Al Amin said.
“We expect record numbers compared to the past year with rise in vendor sales and hotel occupancy levels. People are also flying in and crossing the King Fahad Causeway to enjoy concerts at the Al Dana Amphitheatre.”
Grammy award-winning musical legend Eric Clapton will perform on Sunday at Al Dana Amphitheatre in Sakhir, coinciding with the F1 racing weekend.
Racegoers will also be enjoying off-track entertainment programmes with one of the highlights being the back-to-back concerts on March 18, when globally renowned DJs Don Diablo and Afrojack take to the stage for separate live performances.
“Hotel occupancy levels have definitely gone up in the past week and there will be last minute bookings that will help businesses,” said Bahrain Chamber’s hospitality and tourism committee deputy chairman Hameed Al Halwachi.
“For example, hotels that registered between 20 per cent and 30pc occupancy over the last two weeks are now enjoying close to 50pc occupancy levels, especially beach hotels which are doing good business.”
Mr Al Halwachi added that shopping malls and restaurants in Block 338 were also witnessing good footfall which is expected to increase during the F1 weekend.
Similar views were shared by Elite Hospitality Group chief operating officer Sarosh Aibara who said the lifting of Covid-19 restrictions, especially the mandatory pre-departure and arrival PCR, will attract a larger audience.
“There is no doubt that the race this year will bring in more business than 2021 as Covid-19 restrictions have been eased, and we hope to receive more booking requests,” said Mr Aibara.
“However, we need to understand that F1 team budget caps have shrunk as the sport looks to cut cost during the pandemic.
“Overall, with the primary school holidays in Saudi coupled with the F1 race alongside international concerts this weekend, there will be good business movement that will help different sectors.”
Last month a landmark deal was signed by Bahrain and Formula 1 to extend the kingdom’s contract with the sport’s organisation until 2036.
According to Bahrain Tourism and Exhibitions Authority statistics, hotel revenues surged during the 2018 race weekend with more than 23,000 rooms booked, while revenues during the 2017 F1 race reached BD3.7 million.
Officials in 2017 stated that more than $1 billion in direct revenues was generated since the first F1 race was held at the BIC in 2004.
sandy@gdn.com.bh
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