Bahraini businesses are expected to benefit from exposure to the international business community thanks to Formula One.

 

This was the concluding message from the final day of the "Business in Formula 1" event, which was taking place in the Formula One Paddock Club at this weekend's Gulf Air Bahrain Grand Prix, said a report in the Gulf Daily News (GDN), our sister publication.

 

Former BIC chief executive Martin Whitaker, who has been working with the Economic Development Board (EDB) to organise the event, said yesterday that the importance of such initiatives lay in the networking opportunities they create.

 

"I think you need to hold such events a number of times just to get people to understand the value of the audience that they are communicating to," he said.

 

"There are CEOs, managing directors and company chairmen here from all over the world, and you never know who you are going to see here.

 

"For a start, I know that (Bahraini sports car manufacturer VMotion managing director) Alaa Al Shaikh who spoke on Saturday has already got two or three people who would like to see him, so that's a positive already.

 

"I think a lot of the people who appeared would say that there were benefits that came out of it, even if it was simply increasing awareness of their company or brand."

 

EDB business development manager Husain bin Rajab also spoke at the event yesterday, to reiterate some of the economic advantages of the Gulf Air Bahrain Grand Prix.

 

"In the past, you really struggled to tell people where Bahrain was on the map but with the F1 starting in the country in 2004, the international perception of Bahrain totally changed," he said.

 

"Today, most places you visit people know the basics about Bahrain, having either visited the country personally or seen it on the international media.

 

"Over the last decade Bahrain has in general gained $1.3 billion in terms of benefits to the economy so it's been a great 10 years and we look forward to many more good things." - TradeArabia News Service