Abu Dhabi goes on sporting offensive Looks to host many events

Days after Bahrain’s contract with Formula One was renewed, it was confirmed that Abu Dhabi signed a seven-year contract to host its own race beginning in 2009. At a signing ceremony in the Emirates Palace, the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan, spoke of the significance of the deal for the emirate: “A Formula One Grand Prix is one of the world’s most prestigious sporting events and is unrivaled in terms of continuous global resonance. That is why this new partnership is such an exciting one for Abu Dhabi and the entire UAE.” The deal has the potential to bring substantial economic benefits to the city. The usual annual fee for hosting a Grand Prix event is between $15 million and $22 million. Abu Dhabi, however, believes that the initial capital outlay will be repaid by the potential economic impact of the event. Sheikh Mohammed