The event will take place on the weekend of 23rd-25th October 2020 at the Autodromo Internacional do Algarve in Portimao, writes Shauna McCrudden
It’s always great to hear a good news story about our friends in Portugal, which is why the news that the Algarve in southern Portugal has been chosen to host a Formula 1 Grand Prix for the first time ever this October is such a positive story. The last time Portugal hosted a Grand Prix was 24 years ago at Estoril near Lisbon.
Additional events and venues were announced after the Grand Prix in the United States, Mexico, Brazil, and Canada were cancelled this year due to the coronavirus. Portimao is host this year, with a cost of just under €200 million, the circuit was completed in just seven months. The main project consists of a karting track, a five-star hotel, and a sports complex.
João Fernandes, President of Algarve Tourism says, “We are delighted and proud of this decision. Formula 1 has been absent from Portugal for 24 years and it is a prestigious international sporting event that we have been very keen to have back for a long time.”
In addition to the projection of the Algarve brand worldwide, this event brings a new lifeline to tourism in the region. In terms of direct revenue from the organisation and the spectators of the event, it is expected that it will represent a value close to €40 million for the region. In indirect terms, the economic impact could reach €80 million. Algarve Tourism is confident that the Formula 1 Grand Prix will help to mitigate the effects that the pandemic has had on this sector and will contribute to more positive results in the last quarter of the year.
João says, “This achievement was the result of several years of work and a very great effort by several entities. As a result, it was possible to transform a crisis into an opportunity. We were able to demonstrate that this is a safe destination, with a set of infrastructures to support a high quality and diversified tourist offering that enriches the stay of visitors, and that meets the necessary requirements for the safety and health of motorsport fans. This is, without a doubt, a very positive endorsement of confidence for the region.”
For further information, visit www.visitalgarve.pt
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