The ‘Business in Formula 1’, a unique initiative bringing leaders from the worlds of business and sport together, was staged during the 2014 F1 Gulf Air Bahrain Grand Prix, marking its success for the second time since its launch last year.
The event, organised by the Economic Development Board and F1, was hosted at the F1 Paddock Club during the race weekend, and focused on ways to utilise international events to strengthen ties with the local and international business community. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB, says the Gulf Air Bahrain Grand Prix has an important direct impact on the Bahraini economy, generating more than $1.3billion in benefits to the kingdom’s economy since it was first hosted. He said: “The race provides us with a fantastic opportunity to raise our profile among businesses that are looking to expand into the region, using Bahrain as a base to access the $1.5 trillion Gulf market, which supports our aim in promoting smart investment into the kingdom in order to create sustainable long term growth and high quality jobs for Bahrainis. “The Business in Formula 1 event provides yet another platform for businesses to network and support the aim of attracting investment to the kingdom.” The F1 extravanganza supports 3,000 jobs across the retail, business and hospitality sectors and creates nearly 400 permanent jobs year-round. The event attracts around 100,000 visitors, boosting tourism by injecting an average of $100-150 million into the sector every year. The ‘Business in Formula 1’ featured a series of presentations. This year’s speakers included F1 personalities including racing driver legend, Sir Jackie Stewart whose chance meeting with the Crown Prince helped spark the circuit’s creation, as revealed in last week’s GulfWeekly. Claire Williams, Deputy Team Principal, Williams Grand Prix; Mike Flewitt, Chief Executive Officer, McLaren Automative; Susie Wolff, the only woman in F1 as the development driver for the William Formula One team; Alaa Al Shaikh, Managing Director of VMotion and Hussain Rajab, Business Development Manager, EDB, were also on the bill.
