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In the last 10 years, the Abu Dhabi Grand Prix has attracted 1.3 million visitors. Last year alone, 135,000 people attended the three days of the event to occupy the large stands. 60% of all tickets were purchased by non-UAE residents. Visitors spend an average of five days and spend more than AED 7,500 per person.
Then there is hospitality. Ten years ago, Abu Dhabi only had 65 hotels and now has 115 hotels. The hotel occupancy rate in Abu Dhabi was 83% in November 2015, compared with 75.4% for the entire year, according to a report by Abu Dhabi Tourism & Tourism. Culture Authority. Although hotel rates have increased by 20 to 30%, many hotels are 100% occupied during the race weekend.
F1 accommodation is not cheap, though. According to Formula Money, companies in the Middle East have generated $ 2.6 billion for the Grand Prix since its first edition in Bahrain in 2004. Accommodation costs account for the largest share of annual revenues of $ 1.8 billion. F1 dollars. Accommodation costs average $ 30.4 million per year per country, while Abu Dhabi would pay much more than that, as it occupies a special place as the leader of the season.
In this edition of Inside AB, Shayan Shakeel and Lubna Hamdan analyze the numbers to see what F1 generates in money and prestige for the capital of the United Arab Emirates.
(Source: Arabianbusiness.com YouTube channel)
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