AT the recently concluded 2013 Formula One Gulf Air Bahrain Grand Prix which took place from April 19 to 21, the Bahrain Economic Development Board (EDB) launched a new initiative focused on engaging the business community in a series of vibrant business development and networking opportunities.
Business in Formula 1 is a brand new addition to Bahrain’s Paddock Club and offers a high-performance networking hub in which guests can mix business opportunities with the unique experience of Formula 1.
It is the first time that the Formula One Paddock Club has been formally used as a strategic platform for proactive business development, in order to showcase the host nation and broaden the reach of the sport.
Each day of the Grand Prix race weekend saw a tailored business function take place in the Paddock Club Lounge, with key note speeches from business leaders; Formula One specialists, including three-time world champion Sir Jackie Stewart; and inspirational speakers such as Richard Noble, former Land Speed Record holder and now principal of the new Bloodhound SSC team; a project that is aiming to break the 1000mph (1,600kph) barrier on land.
A key focus will be on demonstrating Bahrain’s unique positioning as the natural gateway to the GCC market, through panel discussions with key figures from the Kingdom’s public and private sectors.
Kamal bin Ahmed, Minister of Transportation and acting chief executive of the EDB, said: “The Bahrain Grand Prix provides a strong boost across the Kingdom’s economy – not least for the service industries that benefit from the race – and independent studies have shown the race generates a direct economic impact of $295 million and supports 3,000 jobs.
However, this initiative will extend the economic benefits from Formula One far beyond the race weekend, and will provide a great platform to engage with potential new investors and network with local, regional and international businesses with existing operations in the region.”
Bahrain’s business fundamentals are strong and economic stability is secure – the long-term outlook has been unaffected, with growth of 3.4 per cent in 2012 as a result of high growth in the non-oil sector, and is expected to reach over five per cent in 2013. Moving forward, Bahrain is committed to sustaining and strengthening its core business fundamentals: a highly skilled workforce, stable and transparent regulation, an open business environment and sustainable growth, offering a vibrant market and attractive base for accessing the wider GCC market.