{"id":49457,"date":"2023-06-07T18:22:35","date_gmt":"2023-06-07T18:22:35","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/formula-e-brought-r1-billion-boost-to-cape-towns-economy"},"modified":"2023-06-07T20:25:58","modified_gmt":"2023-06-07T20:25:58","slug":"formula-e-brought-r1-billion-boost-to-cape-towns-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/formula-e-brought-r1-billion-boost-to-cape-towns-economy","title":{"rendered":"Formula E brought R1 billion boost to Cape Town’s economy"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Cape Town hosting a Formula E event earlier this year proved a major financial boon for the city.<\/p>\n

The Mother City hosted its first FIA Formula E event in February, and, according a Nielsen Sports study, the race generated R1.084bn in economic activity and drew nearly R70m in media value globally.<\/p>\n

The race took place on the streets of the picturesque Green Point precinct, with thousands of motorsport enthusiasts from around the world flocking to Cape Town.<\/p>\n

This had a positive impact on the city’s hospitality industry, with hotels, restaurants and bars experiencing a surge in business.<\/p>\n

“The Formula E race was a huge success for Cape Town, both in terms of the international exposure it brought to the city and the economic benefits it generated,” Cape Town mayor Geordin Hill-Lewis said in a statement.<\/p>\n

“It surpassed all expectations, and we are proud to have hosted such a prestigious event. We look forward to welcoming the series back in the future.”<\/p>\n

The Nielsen study also found that the race had a positive impact on the environment. Formula E cars are powered by renewable electricity, making them a more sustainable alternative to traditional racing vehicles.<\/p>\n

The E-Fest, which was co-located at the race village, also provided an opportunity for Capetonians to experience a variety of E-mobility options and learn more about the future of alternative energy sources.<\/p>\n

Iain Banner, the chairperson of e-Movement, added: “We are delighted – but not surprised – with the findings of the Nielsen Sports report, showing that Formula E Cape Town delivered over R1 080 000 000 of economic impact.<\/p>\n

“Additionally, the global media coverage was close to R70m. We always knew the event would provide a massive boost to the economy at a time when it was badly needed. It can only go up from here.”<\/p>\n

The hosting of the event was planned years in advance, and it was delayed by a year due to logistical challenges arising from the Covid-19 pandemic.<\/p>\n

“The race was a spectacular event for the City of Cape Town and for the millions of viewers that tuned in around the world. The track created perfect conditions for high-speed racing action including the fastest lap in Formula E history. Our drivers would love the chance to beat that next season and we look forward to receiving the commitments to make that happen,” Alberto Longo, co-founder and chief championship officer for Formula E, said.<\/p>\n

Western Cape Premier Alan Winde added that the successful hosting of the Formula E confirmed the province’s status as the region of choice for hosting high-profile events.<\/p>\n

“It has added to the boost our province\u2019s economy needed post-Covid-19. We cannot wait to welcome Formula E back to our province. Its success here in Cape Town is astounding and helped showcase the city and province\u2019s ability to host world-class events.”<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Cape Town hosting a Formula E event earlier this year proved a major financial boon for the city. The Mother City hosted its first FIA Formula E event in February, and, according a Nielsen Sports study, the race generated R1.084bn in economic activity and drew nearly R70m in media value globally. The […]<\/p>\n","protected":false},"author":84,"featured_media":49456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,17],"tags":[274,315,638,4641,1630,521,2027,275],"class_list":["post-49457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-sport","tag-africa-press","tag-africa-press-south-africa","tag-alan-winde","tag-formula-e","tag-geordin-hill-lewis","tag-herman-mostert","tag-motorsport","tag-south-africa-2"],"yoast_head":"\nFormula E brought R1 billion boost to Cape Town's economy - South Africa<\/title>\n<meta name=\"description\" content=\"Cape Town hosting a Formula E event earlier this year proved a major financial boon for the city. 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