Conservative estimates suggest Bahrain could take in at least $20 million from tourism alone, every time it stages a Formula One race.

This assumes each race will attract 20,000 visitors for five days, with each visitor spending $200 a day. Top-end estimates put the possible draw at 70,000 visitors, bringing in an annual windfall of around $70 million.

Bahrain Racing Circuit Committee chairman Shaikh Mohammed bin Isa bin Mohammed Al Khalifa said the benefits would be felt right from the airport - with more traffic coming in - and more tourists arriving.

But the benefits to Bahrain would not come just in hard currency. The Kingdom will gain a much higher profile thanks to international media coverage, said Shaikh Mohammed.

These two factors would justify the project, even if it operates at a loss initially, he said.