International and Bahraini Businessmen and pioneers take part in ‘Business in Formula 1’

Manama, Apr 5 (BNA) Vmotion Managing Director Alaa Al Shaikh and McLaren Automotive Chief Executive Officer Mike Flewitt spoke to businessmen and investors taking part in the ‘Business in Formula 1’ forum, which was organised by the Economic Development Board (EDB) and Formula 1. Mr. Al Shaikh discussed his experience in establishing the first company to assemble and manufacture sports cars in the region, a process which is handled entirely by young Bahrainis who, in doing so, have been able to reach the Gulf market. The EDB’s objective in organising ‘Business in Formula 1’ is to shed the light on the business opportunities that Bahrain provides for investors, as well as creating the possibility for businessmen in Bahrain to utilise the Formula 1 as a platform to network with their international counterparts, and discuss opportunities for future cooperation and establishing possible joint projects. The event was attended by VIPs and representatives of international companies. The event also featured a presentation by Mr. Flewitt, who highlighted the investment opportunities created by motorsports for businessmen.. This includes Bahrain, represented through Bahrain Mumtalakat Holding Company, owning 30% shares of McLaren International Group. The pair were joined by Williams Formula 1 team Deputy Team principal Claire Williams who discussed the commercial implications that effect a top-line Formula 1 team such as Williams. With new engines from Mercedes for the 2014 season and solid results from the pre season test in Bahrain, the team is looking for strong season. The addition of new personnel and a major sponsorship announcement prior to the season opener in Australia three weeks ago, underlines the significance of powerful business decisions to stay at the top of the sport. Held for the second year in a row, the ‘Business in Formula 1’ event runs parallel to the 2014 Formula 1 Gulf Air Bahrain Grand Prix. The event is hosted at the Formula 1 Paddock Club during 4, 5 and 6 April and features a series of presentations from a variety of high-profile speakers as well as access to pit lane walks. The event’s schedule includes a number of high-profile speakers including H.E. Kamal bin Ahmed, Minister of Transportation, Claire Williams, Mike Flewitt and Alaa Alshaik.. The speakers will cover a range of topics over the span of the three-day event, such as the business of Formula 1 and Bahrain’s growing influence in the automotive and engineering sectors. They will be joined during the race weekend by Formula 1 team personnel who will provide informed comment about the events that take place on the track on each of the three days. AHN