KUALA LUMPUR: The Formula 1 Gulf Air Bahrain Grand Prix held at the Sepang International Circuit (SIC) earlier this month generated an estimated economic impact of nearly RM950mil, says the Youth and Sports Ministry.
The Oct 2 to 4 event attracted about 261,000 spectators over the race weekend, including an estimated 103,000 on race day, the ministry said.
“Based on information from the Formula 1 Management, the event generated an economic impact of nearly RM950mil, with the championship broadcast worldwide and watched by 827 million viewers.
“More than 97,000 tickets were sold, with over 50,000 international tourists and approximately 5,000 foreign workers arriving in Malaysia in conjunction with the race,” it said in a written reply to Rodiyah Sapiee (GPS-Batang Sadong) yesterday.
Rodiyah had asked the ministry about the economic benefits of hosting the race compared with government expenditure, and whether a cost-benefit assessment would guide any decision on resuming regular F1 hosting.
The ministry said the influx of international visitors benefited the tourism, hospitality and aviation sectors, as well as local small and medium enterprises.
It added that the hosting arrangement differed from previous editions, as Bahrain covered the hosting-rights fees through its collaboration with SIC.
