THREE REASONS WHY
High-profile events such as the Grand Prix are economically beneficial
The Grand Prix month marks a remarkable spike in hotel occupancies and revenues in the UAE capital
In the last 10 years the Abu Dhabi Grand Prix has attracted a whopping 1.3 million visitors. Last year 135,000 people were in attendance filling the grand stands over the three days of the event. Sixty percent of all tickets were purchased by non-residents of the UAE. The visitors spend an average of five days and spend more than AED7,500 ($2,041) per person during their stay.
Ten years ago, Abu Dhabi just had 65 hotels and today it has 115. Hotel occupancy in Abu Dhabi was 83 percent in November 2015 compared to 75.4 percent for the full year of 2015, according to a report from the Abu Dhabi Tourism & Culture Authority. Today, in spite of the hotel rates being up by 20-30 percent, many hotels now witness 100 percent occupancy during the race weekend.
According to Formula Money, Middle East businesses have generated $2.6bn for the F1 since it was first hosted in Bahrain in 2004. Hosting fees comprise the largest portion of F1’s $1.8bn annual revenue and last year came to $608.3m. Hosting fees come to an average of $30.4m annually per country though Abu Dhabi is understood to be paying much more as it hosts the season-ending finale.
The Grand Prix month marks a remarkable spike in occupancies and revenues in the UAE capital