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Fri, 28 January 2022

Singapore Extends F1 Grand Prix Deal to 2028

(28 Jan 2022)  Singapore will continue to host the Formula 1 Singapore Grand Prix as part of the FIA Formula One World Championship for another seven years, 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 Singapore night race has been staged 12 times since its debut in 2008, with about 268,000 spectators attending when it was last held in 2019, the second highest attendance for the race.

Since its debut, the race has generated more than S$1.5 billion in incremental tourism receipts and attracted more than 550,000 international visitors.

Aerial view of the last turn of Singapore F1 GP. Picture: Calvin Chan / Singapore GP Pte Ltd. Click to enlarge.
Aerial view of the last turn of Singapore F1 GP. Picture: Calvin Chan / Singapore GP Pte Ltd

Mr Ong Beng Seng of Singapore GP, said, We are very pleased that the night race will continue for seven more years. 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.

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.

Starting this year, Singapore GP (SGP) and the Singapore Tourism Board (STB) 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.

Mr Stefano Domenicali, President and CEO, Formula 1, said, I am delighted that Formula 1 will continue to race in Singapore for another seven years. 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.

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