April 19, 2013
Manama: At the 2013 Formula One™ Gulf Air Bahrain Grand Prix, returning for its ninth year from April 19 to April 21, the Bahrain Economic Development Board (EDB) will launch 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 will see a tailored business function take place in the Bahrain International Circuit’s 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 US$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% in 2012 as a result of high growth in the non-oil sector, and is expected to reach over 5% 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.
Notes to editors
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting inward investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com
Noora Abul, Bahrain Economic Development Board
Tel: +973 17 589 903
Email: International Media