"Business in Formula 1" concludes

Manama, Apr. 6. (BNA) -- The ‘Business in Formula 1’, a unique initiative that brings leaders from the worlds of business and sport together, concluded today at the 2014 Formula 1 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 (EDB) and Formula One, was hosted at the Formula 1 Paddock Club from April 4th to 6th, and focused on ways to utilise international events to strengthen ties with the local and international business community. Commenting on the event , H.E. Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB said: "The Formula 1 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 ten years ago. It has supported 3,000 jobs across the retail, business and hospitality sectors during race season and creates nearly 400 permanent jobs year-round. The event attracts over 100,000 visitors, thus boosting the tourism sector, as it injects an average of $100-150 million into the sector every year. " He added: "The Formula 1 Gulf Air Bahrain Grand Prix 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 ‘Business in Formula 1’ featured a series of presentations from a variety of high-profile speakers as well as access to pit lane walks and spectacular views of the race from the Paddock Club. This year’s speakers included Formula 1 personalities such as Formula One racing legend, Sir Jackie Stewart; Claire Williams, Deputy Team Principal, Williams Grand Prix; Mike Flewitt, Chief Executive Officer, McLaren Automative; Susie Wolff, the only woman in Formula 1 as the development driver for the William Formula One team; Alaa Al Shaikh, Managing Director of VMotion; and Hussain Rajab, Business Development Manager, EDB. This is the tenth year that the Grand Prix has been hosted by Bahrain, with the first race taking place in 2004. W H Q