BIC advantages highlighted

Manama: March 31 – (BNA): Economists agreed that Bahrain International Circuit (BIC), the home of motorsport in the Middle East, increases national revenue. Dr. Yusuf Meshaal said that the BIC itself is considered an economic contributory of maximum significance. His Royal Highness the Crown Prince and President of the Economic Development Board (EDB) invested in the BIC and harnessed it ten years ago so that Bahrain becomes the home of motorsport in the Middle East. Nabil Kanoo was optimistic to boost tourism sector activity by hosting the Bahrain Gulf Air Grand Prix 2014. He expected the night-time race for the first time in Bahrain and the region to attract large number of tourists, car manufacturers and sport fans from around the globe to the event. Kanoo said that the F1 GP exceed the hotel and hospitality sector to taxicabs, gift shops, SMEs, etc. Dr. Akbar Jaffari said that the Formula One race in the Kingdom of Bahrain has many material benefits for the national economy. Jaffari estimated the direct income from Formula One Grand Prix at USD 295 million, including ticket sales, car rentals, advertising, broadcasting rights, etc. He estimated the indirect income at USD 600 million. (IY)