Over the last 10 years, Abu Dhabi Grand Prix has attracted quarterly visitors of 1.3 million. Only last year 135,000 people were in full fill in the stalls over the three days of the event. 60% of all tickets were bought by non-Saudi Arab residents. Visitors spend an average of five days and spend more than AED7,500 per head.
Then there is hospitality. Ten years ago, Abu Dhabi had only 65 hotels and today it has 115 hotels. The hotel residency in Abu Dhabi was 83 per cent in November 2015 compared to 75.4 per cent for the full year, according to the Abu Dhabi Tourism and Culture Authority report. Despite the hotel rates of 20-30 per cent, many hotels test 100 per cent during the race weekend.
However, maintaining the F1 is not cheap. According to the Money Formula, Middle East businesses have generated $ 2.6bn for the Grand Prix since it was first held in Bahrain in 2004. Maintenance fees include the largest share of F1 annual revenue of $ 1. billion and the Last year amounted to $ 608.3 million. Maintenance fees reach an average of $ 30.4 million annually by country, although Abu Dhabi is considered paying much more than that as it eventually occupies a special place.
In this issue of Inside AB, Shayan Shakeel and Lubna Hamdan are a crisis of the numbers to see what the F1 produces in money and prestige for the United Arabian capital.
(Source: YouTube channel Arabianbusiness.com)