SINGAPORE — The Formula One Singapore Grand Prix will continue to be held in the city-state for another seven years.
The Singapore Tourism Board (STB), Singapore GP (SGP) and F1 announced in a joint media release on Thursday (27 January) that Singapore will continue to host the motor-racing extravaganza as part of the FIA Formula One World Championship from 2022 to 2028.
This is the fourth contract renewal for Singapore, and the seven-year extension is the longest for the race to date.
The stakeholders said in the media release that 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.
S Iswaran, Minister for Transport and Minister-in-charge of Trade Relations, said 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 seven years, after thoroughly evaluating the long-term benefits that a term extension could bring to Singapore," he said in the media release.
"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.”
Staged 12 times since its debut as first F1 night race in 2008
The Singapore F1 race, which was the motor-sport franchise's first night race in its race calendar, has been staged 12 times since its debut in 2008. However, it has not been held in the last two years due to the COVID-19 pandemic.
About 268,000 spectators attended when it was last held in 2019, marking the second-highest attendance in the race's history.
The Singapore race experience includes lifestyle and entertainment programmes that extend beyond the circuit. Since its debut, it has generated more than $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, with 90 per cent of the race organisation being sub-contracted annually to Singapore-based companies. Annually, some 30,000 staff, contractors and stakeholders are accredited to work at the Marina Bay street circuit.
In the lead up to this year's 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.
Starting this year, STB and SGP will also 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.
“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," said F1 president and chief executive officer Stefano Domenicali.
"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 SGP and the STB as F1 returns to this incredible city.”
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