Jeddah - The hosting of the Formula 1 stc Saudi Arabian Grand Prix in Jeddah has generated direct and indirect economic impact, supporting growth in the tourism sector and accelerating commercial and investment activity in the city, in line with Saudi Vision 2030 objectives to diversify national income sources.
The global event served as a significant economic driver, with a notable rise in hotel occupancy rates, increased demand for air travel, and a boost to the hospitality, retail, and services sectors, alongside heightened business activity along the Jeddah Corniche waterfront during the race period.
The Grand Prix competitions are held at the Jeddah Corniche Circuit, the world’s fastest street circuit, featuring 27 high-speed corners. The circuit has helped position Jeddah as an attractive destination for sports and entertainment investment through the development of infrastructure and surrounding facilities, transforming them into sustainable economic assets operating year-round.
The economic impact of the Formula 1 stc Saudi Arabian Grand Prix extended to supporting small and medium-sized enterprises and directly benefiting local businesses, from restaurants and cafés to retail brands, while also creating seasonal and permanent job opportunities in the organisation, operations, and tourism sectors.
The Jeddah Corniche continues to play an economic role on regular days as an active hub for tourism and leisure activities. With the continued hosting of the Formula 1 stc Saudi Arabian Grand Prix in the coming years, the event further strengthens Jeddah's position as a key economic and tourism driver on the Red Sea coast.
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