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Move Over Vegas, Saudi Unveils New Formula One Track
07.03.2024 - 17:01 / skift.com / Josh Corder
The Saudi government has released its plans for the “Qiddiya Speed Track,” a Formula One-ready course being created at the Qiddiya development. The 21-turn track will go past the Six Flags amusement park and water park, similar to how the Las Vegas course wraps around the mighty Sphere.
The Saudis have employed former Austrian Formula One driver Alex Wurz and the German racetrack designer Hermann Tilke to draft the course plans.
A particularly ambitious segment of the track is called “The Blade” – a 20-story-high ramp that goes up and over a music arena.
In 2020, Formula One inked a decade-long deal with Saudi Arabia to stage a race in the nation starting from 2021. The agreement, valued at $55 million annually for the sport, came on the heels of a separate 10-year sponsorship pact with Saudi Arabia’s state-run oil giant, Aramco, totaling more than $450 million.
There is already a city race in Jeddah, as well as electric racing in a project called Diriyah Gate just outside the capital city.
“The Speed Park Track will be a true embodiment of Qiddiya’s power of play philosophy and position Qiddiya City as the home of Saudi motorsport and one of the world’s leading motorsport venues,” said Abdullah Aldawood, MD of Qiddiya Investment Company.
No opening date or development cost was shared with the Qiddiya Speed Track announcement. The Jeddah track cost $500 million to build.
Construction news publication MEED reported that the Qiddiya Investment Company (QIC) awarded local construction firm Unimac an estimated $480 million contract to deliver the racetrack and associated infrastructure at Qiddiya’s Speed Park.
Formula One is big business for travel and tourism, especially the hospitality sector. The inaugural 2023 Formula One Las Vegas Grand Prix in November, for example, is estimated to have pumped more than a billion dollars into the gaming city.
Hotel average daily rate (ADR) – a key metric in the industry – on the Las Vegas Strip increased massively during the event.
According to statistics firm CoStar, the ADR during the event was $629 — a $360 (134%) increase compared to November 2022. Hotels achieved the highest ADR on the Saturday at $655; and, the highest rate jump compared to the previous year was on Thursday, increasing by 207%, or $390.
High-end hotels, constituting over 40% of the total hotel room inventory on the Las Vegas Strip, saw rates of $952 and $962 for Friday and Saturday nights, marking an increase of over $500 compared to the previous year.
The racing event has similar effects in Jeddah, where rates reached their highest ever during the 2021 race, just over $450.
Qiddiya is one of the flagship projects of the crown prince’s “Saudi Vision 2030” – seeking to diversify the
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