The Singapore Tourism Board has announced that Singapore will continue to host a round of the Formula One World Championship for another seven years, from 2022 to 2028.
The night race has been staged 12 times since its debut in 2008. Around 268,000 spectators attended when it was last held in 2019, marking the second highest attendance for the race. According to organisers, this affirms that the Grand Prix remains one of the most highly anticipated in the racing calendar, as the first night race with a unique street circuit that runs through the heart of the city.
Since its debut in 2008, the race has generated more than S$1.5 billion in incremental tourism receipts and attracted more than 550,000 unique international visitors. The race also supports local businesses in the engineering, construction, and hospitality sectors. 90% of the race organisation is sub-contracted annually to Singapore-based companies, providing employment opportunities and enabling businesses to reap economic benefits and built capabilities, while gaining exposure and new business opportunities.
Annually, some 30,000 staff, contractors and stakeholders are accredited to work at the Marina Bay Street Circuit, with training provided to students for operational roles within the event grounds, hospitality personnel, as well as volunteer race marshals.
In the lead up to the 2022 race, all parties will work closely together with relevant government agencies and industry stakeholders to refine and implement appropriate protocols to prioritise the health and safety of all participants, staff, fans and the community.
Starting this year, STB and SGP will work together to reduce the carbon footprint of the Singapore race and foster the transition to more sustainable business models.
Initiatives include switching to renewable energy sources, increasing recycling efforts and switching to sustainable materials. Formula 1 is also exploring maximising logistics and travel efficiency through process and volume optimisation and by using the least carbon intensive transport available. A full sustainability audit will be undertaken, which will guide the development of other green initiatives that will be implemented for the rest of the new term. As part of its corporate sustainability efforts, SGP will also continue to engage the local community, and encourage diversity amongst event personnel and volunteers.
This is the fourth contract renewal for Singapore, and the seven-year extension is the longest for the race to date. This will give Singapore a longer runway to capture pent-up demand as international travel recovers. It also allows STB, SGP and industry partners to develop new experiences to meet the evolving interests of locals and visitors.
"Even as we deal with the immediate challenges of the pandemic, it is important that we focus on our recovery and long term growth," said Mr S Iswaran, Minister for Transport & Minister-in-charge of Trade Relations. "The Singapore F1 race continues to be a strong focal point for tourists, global events and business meetings. We have decided to continue hosting the F1 race for another 7 years, after thoroughly evaluating the long term benefits that a term extension could bring to Singapore. The renewal will help sustain Singapore's reputation as a global city with a vibrant lifestyle, attracting international visitors as travel rebounds, and generating business revenue and jobs for Singaporeans. We will ensure that this year's and future races, as large scale international sporting events, are COVID-safe, informed by the prevailing pandemic situation and public health assessment. We will also work with all stakeholders to ensure the Singapore race is sustainable. We are grateful for the continued support of fans and the local community as we work closely with Formula 1 Management, Singapore GP, and our partners to make the Singapore race even more exciting and memorable, and sustain its position as an iconic event on the F1 calendar."
"We are very pleased that the night race will continue for seven more years," aded Mr Ong Beng Seng of Singapore GP. "After more than a decade of celebrating this spectacular event on the racing calendar, we are looking forward to building on its success and working with Formula 1 as well as its partners to take the night race to greater heights. We are delighted that this marquee event will demonstrate how Singapore is open for business. We look forward to welcoming both local and overseas fans and visitors to the Marina Bay Street Circuit once again."
"I am delighted that Formula 1 will continue to race in Singapore for another seven years," said Stefano Domenicali, President and CEO, Formula 1. "The Marina Bay Street Circuit hosted the first night race in F1 history in 2008, and Singapore has continued to thrill fans, teams, and drivers ever since. Singapore holds a special place on the F1 calendar, and this extension is part of our long-term commitment to continue to grow the sport in Asia. The plans that are in place to reduce the carbon footprint of the event are impressive and align with our plans to be Net Zero Carbon as a sport by 2030 and I look forward to continuing our successful relationship with Singapore GP and the Singapore Tourism Board as Formula 1 returns to this incredible city."
"We are proud to continue to host the Singapore Grand Prix for another seven years," added Mr Keith Tan, Chief Executive, Singapore Tourism Board. "It is an experience like no other in the world that reinforces Singapore's position as a vibrant and exciting global city. STB welcomes the opportunity to work with our partners to introduce new ideas and concepts to enhance the race experience and to make the entire event one of the most environmentally sustainable street circuits in the F1 calendar. We look forward to welcoming international travellers back to Singapore in 2022 for the race, and encourage them to also explore our new and reimagined offerings."
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