Bahrain International Circuit Has Improved Bahrains Financial Status Economics Essay

The Bahrain International Circuit is a locale used for retarding force racing, GP2, and an one-year Formula One Grand Prix. For the first clip in 2006, there was a V8 Supercar race, named the Desert 400, and besides a 24 Hour Race.

The building of the Bahrain circuit was a national aim for Bahrain, initiated by the Crown Prince, Shaikh Salman bin Hamad Al Khalifa. The Crown Prince is the Honorary President of the Bahrain Motor Federation.

Race organisers were worried that the circuit would non be complete in clip, and asked for the inaugural Bahrain Grand Prix to take topographic point in 2005 alternatively. However, Formula One supremo Bernie Ecclestone refused this petition. In the terminal, the circuit was non rather to the full complete, but was good plenty for the expansive prix to travel in front.

The circuit posed a alone job. Positioned in the center of a desert, there were concerns that sand would blow onto the circuit and interrupt the race. However, organisers were able to maintain the sand off the path by spraying an adhesive on the sand around the path.

The circuit was designed by German designer Hermann Tilke, the same designer who designed the Sepang circuit in Malaysia. The circuit cost about US $ 150 million to build. It has six separate paths, including a trial ellipse and a retarding force strip.

In 2007 the circuit became the first Grand Prix circuit to be awarded the distinguished FIA Institute Centre of Excellence award, given for first-class safety, race marshal, and medical installations ; and for the high criterions of engineering required to keep these

1.2 Aims of the Study

The general aim of the survey is to find how the Bahrain International Circuit has improved the economic system of Bahrain.

The specific aim of the survey is:

To find the effectivity of the Bahrain International Circuit

To find the advantages and disadvantages of Bahrain International Circuit

To find how Bahrain International Circuit can convey in the hard currency flow.

1.3 Hypothesis of the Study

The hypothesis of the survey is that:

Bahrain International Circuit can better the economic system of Bahrain.

1.4 Significance of the Study

When the Government of the Kingdom of Bahrain underwrote the development of the Bahrain International Circuit, it foresaw the installation as a accelerator for the future growing of the economic system and the foundation for a twine of advanced investings. The cost of constructing a installation that has set new criterions in motorsport amounted to approx 150 million US $ / 56.2 million Bahraini Dinars, but the return on that investing has been many-fold to the Kingdom of Bahrain and the wider Middle East.

By being the place land of a athletics that prides itself by demanding and accomplishing the highest criterions of professionalism, Bahrain has linked itself in the international community to excellence, prestigiousness and power. By associating with such a powerful and sort-after trade name in the signifier of Formula One, Bahrain is harvesting the benefits of being at the head of an elect nine of 18 states that host the prime motorsport events in the universe.

In 2005, for illustration, the Gulf Air Bahrain Grand Prix generated print media coverage to the value of $ 43 million, of which $ 12.4 million was within Bahrain itself. For 2006 coverage across the Middle East and North Africa leapt by 780 % , with a entire media value and planetary airtime entire transcending that of the full 2006 Winter Olympics in Torino, Italy.

The benefits of presenting such a phenomenally successful Grand Prix are touchable all twelvemonth unit of ammunition. The Circuit was ingeniously designed with six separate path layouts including a trial ellipse and a drag strip incorporated into the design, of which two can be in operation at any one clip. This has granted the Bahrain International Circuit with matchless chances by being able to run for assorted motorsport, corporate, societal and community events throughout the twelvemonth.

1.5 Scope of the Study

This research is focused on the affects of the BIC on the Bahrain economic system and how it strives to better the fiscal prospects..

1.8 Restrictions of the Study

The survey will non travel into in-depth analysis of the economic deductions of Bahrain International Circuit. The research will be conducted on literature reappraisal and feedback questionnaire from the people of Bahrain utilizing statistical intervention procedure. The survey was conducted in the Kingdom of Bahrain and traveling through the Bahrain International Circuit for the research work. The survey was conducted in the month of Feb 2010.

1.9 Definition of Footings

G.C.C. Gulf Cooperation Council ( GCC ) is a regional organisation affecting the six Gulf Arab States

Bahrain. Country consisting an archipelago of low flaxen islands in the Persian Gulf between Qatar and Saudi Arabia, it was the first Arabian state to strike oil ( 1932 ) .

Chapter 2

LITERATURE REVIEW OF RELATED LITERATURE

In this chapter we will set frontward the assorted articles, intelligence, books and other beginnings that were utilized during the research work. These books and articles gave us a guideline and in-depth apprehension of the assorted issues refering the Bahrain International Circuit.

The literature reappraisal ‘s purpose is to set up the scope of theories & A ; plants associated with Bahrain International Circuit.. This is by reexamining a broad scope of books, diaries, concern publications, thesis and periodicals.

Harmonizing to an article “ Bahrain community benefits from BIC bonanza ” by Anne-Birte Stensgaard, posted onj 29th March 07, www.ameinfo.com, stated that:

“ The direct benefits of being among the elect group of states worldwide to host a unit of ammunition of the universe ‘s biggest featuring series, the FIA Formula One World Championship, are being felt by all subdivisions of the Bahraini community. ”

Through every dark during the Holy month of Ramadan last fall a sum of over 10,000 devouring impetus fans came to the BIC to bask the Bahrain Drift event and bask a community Iftar jubilation. The vagrants themselves paid a BD2 entry fee to run on the impetus class and this money is now being presented to the Bahrain Ministry of Education and the returns raised will travel to supplying extra educational resources in government-funded schools.

Meanwhile the Ithmaar Group Yalla Bahrain! F1 Football Fever event last month, which delivered a 36-team five-a-side tourney, besides generated immense sums of financess. Net incomes made at the event, which took topographic point on Public Day at the official Formula One trial Sessionss, with the returns being presented to Bahrain ‘s National Institute for Disabled. This figure is increased by a farther BD483 from Mohammed Jalal Suzuki, which pledged to donate BD1 for every end scored to the legion community organisations and charities supported by Mohammed Jalal & A ; Sons across the Kingdom of Bahrain.

Finally it is announced that 60 three-day base on ballss for each twenty-four hours of the 2007 Gulf Air Bahrain Grand Prix are to be presented to Bahrain ‘s Orphans and Widows Care Committee.

‘The part of the Bahrain International Circuit to increasing quality of life for the Kingdom ‘s society is a basis of our concern all twelvemonth unit of ammunition, ‘

Said Shaikh Salman bin Isa Al Khalifa, Director of PR and Governmental Affairs. ‘As the Prime Minister locale for featuring amusement in the Gulf we offer a focal point for everyone in the Kingdom and the wider GCC. In holding the capacity to host charity and community events – and we hosted over 150 such events through 2006 – we besides offer a premier location for enjoyment, fund-raising and coming together for good causes. It is hence our great pleasance to supply whatever direct support we can to the community, peculiarly at this clip taking up to the Grand Prix, and to guarantee that these financess are put to good usage amongst those subdivisions of the community in demand. ‘

The 2006 Gulf Air Bahrain Grand Prix set new criterions in the publicity of a Formula One event, unleashing a bombardment of advanced selling scheme and dramatic public events, headlined by the Yalla Bahrain! ( Let ‘s travel, Bahrain! ) cultural and community calendar.

Among the high spots of 2006 was the Yalla Bahrain! F1 Festival, which brought more than 20,000 people mobing to see Porsche Michelin Supercup, Lumina CSV V8 and a host of other rushing machinery on the streets of Manama. Elsewhere in the calendar, more than 5,000 Bahrainis took place autographs from Jenson Button and the Scuderia Ferrari drivers, while Rubens Barrichello opened the fabulously popular Motorsport Art Exhibition in the Bahrain National Museum in the presence of His Highness the Crown Prince Shaikh Salman bin Hamad bin Isa Al Khalifa.

Thursday saw the colossal selling run Begin, with great wrappings of the GCC proudly transporting the colors of the Gulf Air Bahrain Grand Prix while sights and sounds of last twelvemonth ‘s event will make full films and airwaves with expectancy for this twelvemonth ‘s event on April 13-15. Last twelvemonth ‘s ad run saw iconic images created as Grand Prix fever created Formula One ‘s biggest-ever hoarding on the 172 meters Almoayyed Tower, saw Kimi Raikkonen and Fernando Alonso indicating the manner from route marks across the Gulf and the entire stigmatization of Bahrain ‘s international airdrome.

‘The publicity for the Gulf Air Bahrain Grand Prix embraces the full GCC part and together with the public events taking topographic point makes it, in consequence, the ‘Gulf Grand Prix ‘ , ‘ said Samer Al Shaikh, Marketing Manager at the Bahrain International Circuit. ‘Last twelvemonth we were delighted to hold created a whole new perceptual experience of Formula One in the Gulf, and we were profoundly honoured to hold been recognised at the Global Marketing Awards. This twelvemonth we have worked difficult to construct from that platform. ‘

Already the joint Gulf Air and Bahrain International Circuit Media Roadshow is underway, taking senior figures from the BIC such as Governmental Affairs manager Shaikh Salman bin Isa Al Khalifa to Lebanon, Egypt, Saudi Arabia, Kuwait, Qatar, Oman and the United Arab Emirates alongside senior Gulf Air dignitaries to unveil the high spots of this twelvemonth ‘s Grand Prix programme and detail the array of cost-efficient travel and adjustment bundles to go to the event.

The two functionary Formula One trial Sessionss on February 22-24 and February 27 – March 1 will see about every one of the 2007 FIA Formula One Championship contenders fixing for the gap three ‘flyaway ‘ races in the ideal clime of the Gulf. The squads, Sur technicians and fuel and lubricator experts will be fine-tuning the autos on the Bahrain International Circuit in preparedness for the gap race in Melbourne on March 18 – and acquiring out and about to run into their Middle East fanbase as the Yalla Bahrain! agenda boots off in manner.

The glittering Seef Mall will one time once more offer the chance for Formula One fans to run into their graven images at the Yalla Bahrain! F1-to-One autograph session on February 23. Then one of the all-new events follows on February 24 – the first of two Public Days during the Formula One trial – when the Formula One teams run into the Bahraini national football squad and a host of other squads from Bahraini schools and concerns in the Yalla Bahrain! F1 Football Fever five-a-side association football tourney.

Media involvement in the alone chance to see Formula One autos in echt action in the Gulf is at an all-time high prior to the 2007 season, with over 180 journalists already accredited for the events at the BIC. With a nominal fee of BD1 for the populace to come in and see the sights and sounds of the athletics on public yearss – and VIP cordial reception in the Paddock Clubaā€˛? suites from BD50 – the event promises a echt gustatory sensation of the ambiance at the Grand Prix itself.

Chapter 3

METHOD OF RESEARCH

3.1 Research method / design

This chapter discusses, justifies, and explains the methods used to carry on the research. The research means are farther explained and justified for their cogency, suitableness, and dependability in replying the research inquiry, proving the hypothesis, and run intoing research aims.

Research design is really of import as it provides the ingredient to which we can establish the analysis of our work. The design is used as the building the research, as it will assist the research worker in demoing our the analysis will be done and what consequence to be obtained, for illustration, the research worker can utilize samples of a population in this research work based on the questionnaire formulated and distributed to these sample population.

There are two types of research design which can be used and is used by the research worker i.e. the qualitative design and quantitative design. Qualitative design consists of an apprehension of behavior and the grounds that administrate behaviors. In this instance we are seeking to happen out the behavior behind people ‘s premise about the BIC. In other words what drives people to BIC?

In quantitative research, we are seeking to analyze the state of affairs by utilizing certain tools, i.e. a manner of mensurating things. In this research survey we are seeking to mensurate the degree of benefit the BIC gives to the Bahrain economic system. We have used a mensurating tool by administering questionnaires to a group of 50 people and analyze their feedback

3.2 Population and Samples

In order to analyze the research work, we have to utilize a sample of the population instead so the full population. But the sample we take should be a portion of the population in other words it should stand for the bulk feeling. So in order to make that we needed to analyze the feedback of 50 people, sing it as the bulk position and the research workers did this by accommodating the random choice procedure. The survey was divided into classs, such as age, business, sexes, nationality with nonsubjective type inquiries.

3.3 Sampling techniques

Sampling covers the type of choice we have to utilize in the research survey through which we can analyze the consequences and besides non allow it be biased, for that ground we decided to make the random choice of 50 people. By utilizing random sampling, we are seeking to guarantee that prejudice is reduced. In this instance the population size was limited to 50.

3.4 Data aggregation Instruments

Data aggregation instruments mean the type of informations to be collected and what informations will be collected for the research undertaking. The research workers considered many possibilities including that included on-line studies, telephone naming, observation, composing down facts and figures from diaries, literature reappraisals, questionnaires, feedback signifiers, e.t.c.

Observation. This is one of the research techniques for garnering informations about the survey. Sometimes certain facets of the undertaking have to be observed from a 3rd individual ‘s point of position, to see the topic in its entirety. This observation might assist us in placing certain flaws/limitations in the survey, which might non hold surfaced through questionnaires or through some other techniques.

Questionnaire. In this instance a set of questionnaires, has to be planned and written related to the undertaking and when answered decently by the needed figure of selected respondents will provide the necessary information.

The information gathered utilizing this type of instrument will assist us to achieve the coveted survey. The questionnaires are used as a tool to look into the response from the populace.

3.5 Statistical intervention of informations

Statistical techniques have assumed an built-in function in both the reading and quality appraisal of analytical consequences. The following tabular array shows the premises of the figure of people have sing the BIC.

Undertaking Time Table ( Gantt Chart ) :

Detailss of work

Calendar months

1

2

3

A

Weeks

1 – 2

3 – 4

5 – 6

7 – 8

9-10

11-12

Topic blessing

A

A

A

A

A

A

A

A

A

A

A

A

A

Gathering information

A

A

A

A

A

A

A

A

A

A

A

A

A

Submission of fellow 1,2 & A ; 3

A

A

A

A

A

A

A

A

A

A

A

A

A

Research activity

A

A

A

A

A

A

A

A

A

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A

A

A

Research study typing

A

A

A

A

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A

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Revision

A

A

A

A

A

A

A

A

A

A

A

A

A

Oral defense mechanism

A

A

A

A

A

A

A

A

A

A

A

A

A

Concluding alteration

Concluding entry