The Western Cape stands to directly and indirectly generate R2.13 billion from hosting its inaugural ABB FIA Formula E Championship, the world’s first fully electric street racing series, which will be held on February 25.
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In a statement released yesterday, Mireille Wenger, the Minister for Finance and Economic Opportunities, said that the demand for a green, more resilient future has never been greater, for the world and for South Africa.
“The R2.13 billion in direct and indirect economic impact generated by this event in the first year, including R481 million in global destination exposure, is very welcome, especially in these challenging times,” she stated.
“The benefits of this event, and many like it, go beyond a once-off economic boost. The Formula E will be hosted in Cape Town for the next 10 years and will also provide a perfect platform to boost sport tourism to the province.”
With ticket prices ranging from R1,295 to R3,450, a projected 33,000 spectators are expected based on previous races in similar sized cities.
An additional 10,000 spectators from abroad are expected to spend more than seven nights in South Africa, and another 10,000 domestic spectators are likely to visit the city from other parts of the country.
According to the most recent hotel data from Sojern, the number of searches has increased by about 2.9 times from January 2022 to January 2023.
“Tourism rebound in Cape Town is surpassing all expectations and the outlook remains positive as sporting events make a comeback,” it said yesterday in a statement.
With Formula E’s cars running on 100 percent renewable energy and a significant focus on developing alternative energy solutions, staging Formula E in Cape Town will assist the City in raising awareness of the adverse effects of air pollution.
The event will also include local communities and schools to educate them about electric cars, how they can contribute to a sustainable future of mobility and the impact of reducing inner-city air pollution.
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Picture: City of Cape Town