GP of Bahrain good for $74 million

The Bahraini economy is expected to take in nearly $74m in revenues from hosting the Gulf Air Bahrain Grand Prix, the first Formula One race in the Middle East, according to the results of a study unveiled yesterday.

Hotels, car rental and travel agencies are expected to be the main beneficiaries of the racing event, which officially runs April 2-4, according to the study by the Bahrain Centre for Studies and Research.

The study expects about 40,000 people to attend the racing event and to spend each day on average about BD85 ($226), which includes the entry ticket price.

A private economist called the study "balanced and plausible" but said that although investments in the racing event itself were all "first class" Bahrain faced a challenge in making use of its limited touristic infrastructure and resources to derive maximum benefits from the event.

"One of the most important needs is to increase the number of hotel rooms," Ahmed Al Yosha said.

"Revenues will ultimately depend on what we offer visitors."

Bahrain, which has a population of 650,000, has only 15,000 hotel rooms and several thousand more rooms have been booked for race-goers in nearby Dubai and Dammam, Saudi Arabia.