Govt spent RM70mil to host Bahrain F1 Grand Prix
KUALA LUMPUR: The government spent RM70 million to host the Formula 1 Gulf Air Bahrain Grand Prix at the Sepang International Circuit (SIC) last month.
The Malaysian government allocated RM70 million to host the Formula 1 Bahrain Grand Prix at the Sepang International Circuit (SIC). Dr Mohammed Taufiq Johari, Youth and Sports Minister, explained that this funding covered circuit upkeep and SIC's operating costs, with Bahrain covering the remaining expenses. Preparing for the event, he estimated Malaysia's total expenditure at RM350 million, encompassing the race rights fee and SIC's preparations.
According to Formula One Management, the Grand Prix brought an economic impact worth nearly RM950 million, encompassing hospitality, tourism, aviation, transport, goods and services, food and beverage, and SIC's operations. The Litar Rasa Madani programme also benefited from this event. The government expects to detail these figures in an economic impact study report prepared by a consultancy firm commissioned by SIC.
Furthermore, the Grand Prix generated approximately 7,300 jobs, including 6,167 positions in visitor-centric businesses and services, 757 roles in race operations and infrastructure, and 376 jobs linked to racing teams, sponsors, and F1 operations.
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