Event Economy: Formula 1 race

September 13, 2021
Event Economy: Formula 1 race

Hussein Shobokshi

It is no longer a secret for everyone who follows Saudi affairs the great interest and keenness that the government attaches to what is known as the event economy. Hence, the government has mobilized all kinds of resources and capabilities to ensure excellence and success in achieving the desired goal.

The ambition of Saudi Arabia in this realm is obviously infinite. With every successful event that achieves its promotional and commercial goals, the appetite is opened to achieve a more important, larger and more influential goal.

Saudi Arabia hosted important and diverse artistic and sports events in which it was able to attract world stars in singing, boxing, golf, football, car and motorcycle racing with a very impressive and remarkable success. The Kingdom has been able to attract football legends such as Ronaldo, Messi and Neymar and international singing stars such as Andrea Bocelli.

There has been an upward trend in the ambitions of the organizers of these types of events. Holding exceptional events have become the goal they seek, such as the Olympic Games, the FIFA World Cup, and the Formula One car race, and they were able to win the right to host Formula 1 world championship as the 33rd country to have the opportunity to hold such a prestigious event.

The inaugural Saudi Arabian Grand Prix event will be launched in a big celebration at the end of the year 2021 in Jeddah. It will be the first night race of its kind to be held along the seafront in the history of this grand competition.

Saudi Arabia boasts of having a nice and funny history that speaks about the development of this sport. When we go back to history, specifically to 1978, we can see the birth of the first relationship between Saudi Arabia and the Formula 1 race.

This was after the inking of an important and major sponsorship contract by Saudi Arabian Airlines for the famous Williams team, and that proved its importance and impact for the British team, which managed to win its first world championship in 1980.

Williams was one of the only three teams that scored 100 points in Formula 1 with Ferrari and McLaren. Today, Saudi Arabia hosts the same race. It is known that for the host country this race would have a tremendous, tangible and measurable economic impact on various sectors, perhaps the most important of which are tourism and hospitality and the services accompanying them.

It is extremely significant to work exceptionally for the success of this grand event because if it succeeds, it will be a very strong testimony of support and recommendation for Saudi Arabia’s ambitious profiles for hosting other major events.

The event economy is a vital part of the economy of industrialized and emerging countries due to the opportunities it provides to improve and increase income for young people.

It also brings in seasonal opportunity for companies to achieve quick goals and an opportunity for countries to develop their economic tools in general. And for all these reasons they deserve support and encouragement.

September 13, 2021
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