Manama, Bahrain  - Bahrain's local economy benefited to the tune of 600 million dollars as a result of its hosting of the 2008 Gulf Air Bahrain Grand Prix, according to figures released on Saturday by the country's investment arm.

Mumtalakat Holdings Company, which owns Bahrain International Circuit (BIC), said the figure represented a 9 per cent increase from the 2007 revenues.

The company said the 2008 race, for the first time in its six-year history, drew nearly 100,000 spectators and corporate guests over the course of its three days.

Mumtalakat chief executive officer Talal al Zain expressed confidence that this year's race, in April, would produce even better results, deliver wider exposure, and attract more foreign investment to the country despite the on-going world economic crisis.

"The sixth Formula One Gulf Air Bahrain Grand Prix between April 24 and 26th will be even better than last year," he was quoted saying in a BIC press release.

"The results of the economic impact survey prove that the Formula One Gulf Air Bahrain Grand Prix is an event that is becoming increasingly popular year-upon-year and is having a hugely positive effect on the economy of Bahrain and a beneficial impact on the entire Gulf," he added.

"The BIC portfolios of racing and corporate events along with its year-round activities, led by the Grand Prix, are dedicated to promoting awareness of Bahrain across the world," Al Zain said.

He also noted that there had been a global television audience of over 500 million people, helping to boost the region and attract investment and business opportunites, jobs, and economic development.

The 2008 Gulf Air Bahrain Grand Prix contributed not only the figure of 596 million dollars but also 586 employment opportunities directly, indirectly and induced by the event - an increase of 46 per cent from 2007. (dpa)