F1 race at Sepang generates nearly RM950mil in economic impact
KUALA LUMPUR: The Formula 1 Gulf Air Bahrain Grand Prix at the Sepang International Circuit (SIC) generated an economic impact of nearly RM950 million, the Dewan Rakyat was told.
The Formula 1 Gulf Air Bahrain Grand Prix at the Sepang International Circuit (SIC) generated nearly RM950 million in economic impact, according to the Youth and Sports Minister, Dr Mohammed Taufiq Johari. The race, held from October 2nd to the 4th, attracted around 261,000 spectators, with an estimated 103,000 on race day. The event was broadcast globally, watched by 827 million viewers.
Over 97,000 tickets were sold, while more than 50,000 international tourists and approximately 5,000 foreign workers came to Malaysia for the grand prix. The success of the event was made possible through close collaboration between SIC and the Bahrain International Circuit, with support from the Malaysian government and other stakeholders.
The influx of international visitors also boosted the tourism, hospitality, aviation, and small and medium-sized enterprise sectors, while showcasing Malaysia as a sporting and investment destination. Unlike previous events, Bahrain covered the hosting costs, enabling Malaysia to reap the economic benefits. SIC and an independent consultancy firm will conduct a cost-benefit assessment, which will be considered by the government when deciding whether to host Formula 1 again in the future.
Dr Taufiq provided this information in response to a question from Rodiyah Sapiee (Batang Sadong) regarding the race's economic benefits compared to the government's costs and whether a cost-benefit assessment would influence future hosting decisions for Formula 1.
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