Malaysia spent RM70mil on Bahrain F1 race, says ministry
Youth and sports ministry says the event cost RM350 million overall, with Bahrain covering the remaining expenses.
Malaysia allocated RM70 million to host the Bahrain Formula 1 Grand Prix at the Sepang International Circuit from October 2 to 4, according to the government. This expenditure surpasses the initial RM40 million projection by SIC chief executive Azhan Shafriman Hanif in July for local preparations. The total cost, including circuit maintenance and operating expenses, amounted to RM350 million, with Malaysia contributing RM70 million towards these costs.
The remaining funds were borne by Bahrain. Prime Minister Anwar Ibrahim had confirmed that Malaysia would only need to spend RM16 million annually for circuit upkeep and upgrades. The event generated an estimated RM950 million in economic activity, encompassing revenue from various sectors such as hotels, tourism, aviation, transport, food, and beverage businesses, as well as other services.
Around 7,300 job opportunities were created, involving businesses, race operations, infrastructure, and F1 teams and sponsors. SIC and a consulting firm are currently evaluating the event's costs and economic benefits to determine Malaysia's future involvement in hosting Formula 1 races.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Malaysia belanja RM70 juta untuk F1 Bahrain di Sepang, kata menteri freemalaysiatoday.com
