DRIVE FOR SUCCESS
Azerbaijan is set to be the host for the 2016 Formula One Grand Prix of Europe, one of the most watched sporting events in the world.
In a country that has successfully hosted both the Eurovision Song Contest and the inaugural European Games within the past three years, it comes as no surprise that another international spectacle will arrive to Baku in June of 2016. Long known as an event matched in its grandiosity only by its attraction of wealth, the 2016 Formula One Grand Prix of Europe is set to be the largest event of the year for Azerbaijan.
To put the level of grandeur of this event into perspective, the Formula One racing season is the most watched annual sporting series in the world. The previous Formula One season, for example, attracted around 500 million viewers from all over the world. The international viewership for the Formula One races is eclipsed in worldwide TV ratings only by the World Cup and the Olympics. This will also be the first Grand Prix of Europe to take place since 2012, elevating the already frenzied international anticipation. Baku is truly set to be on one of the world's largest stages as the host of this race.
The decision was made for this race to take place on a street track. The layout of the track, which takes place in the heart of Baku, was unveiled to the public at a press conference with the Azerbaijani Minister of Youth and Sport, Azad Rahimov, and Formula One Group CEO, Bernie Ecclestone. Designed by the world renowned Tilke Engineering firm, the second longest track in this season's race calendar measures slightly more than 6km in length and has been designed to show off all of the treasures of the city. From the stunning views of the promenade on the seaside, to impressive skyscrapers and various feats of architecture around downtown Baku, this attractive landscape is sure to attract the eye of even the most casual Formula One aficionados. The track also includes an excursion around the Old City, an ancient and UNESCO protected relic of Azerbaijani history. With one area of the track designed to encourage high-octane acceleration, Formula One drivers will be achieving speeds that top out around 340 km/h thrilling fans and spectators alike.
In preparation for this event, the city has planned some infrastructure improvement projects ahead of the race. To ensure the high-quality of the street track, the city is replacing the asphalt pavement on some of the roads. Further construction plans for the event, such as the construction of the grandstands, are scheduled to take place closer to the scheduled date, minimizing interference in the city's daily operations. Baku will be transformed to feature many different grandstands situated to view the most exciting and engaging parts of the track. Azerbaijan will also construct a town for the Formula One teams in front of the Government House in Baku. The country is set to spend over $60 million in organizing the first phase of the event.
Minister of Youth and Sport Rahimov expects Baku to receive around 11,000 international fans to fly in for the race, excluding the 2,500 people affiliated with the Formula One organization that will also be present for the race. The number of outside guests is smaller than typical Formula One attendance rates due to the fact that Baku does not have the capacity to host a gigantic figure of guests, with a city-wide availability of around 10,000 hotel rooms. Tickets for the race went online in December, coinciding with “Six Months to Go" promotional events that were taking place in Baku. There is an assortment of ticket options available for many different grandstand locations around the track, including the Absheron Grandstand, which will have a view of the start and finish line. The event is offering 30,000 tickets, of which 10,000 are for general admission and 20,000 are seated tickets.
Azerbaijan will receive a level of international exposure unmatched in the country's history, mostly due to the widespread broadcasting of the race on television sets all over the world. While hosting Eurovision and the European Games were certainly big platforms, they do not approach the enormous viewership figures of Formula One. In addition to jumpstarting the tourism industry of the country, this event will simply raise international awareness of Azerbaijan all over the world.
DRIVE FOR SUCCESS
TABLE OF CONTENTS
Year In Review
Good Times Ahead
<strong></strong><strong>In a year dominated by the overarching theme of low hydrocarbons prices, Azerbaijan showed resilience and verve in putting in place bold measures both to counter the slump in energy prices and put its economy on a surer footing.</strong>
read articleReview: Diplomacy
Operation Outreach
In 2015, Azerbaijan's military budget increased by a notable 27%, to $4.8 billion, or 17.9% of the government's total budget for the year. The first Azerbaijan Defence Exhibition (ADEX 2014), drew over 200 companies from 34 countries, including Russia and the US.
read articleInterview
Rufat Mammadov, President, Azerbaijan Export and Investment Promotion Foundation (AZPROMO)
TBY talks to Rufat Mammadov, President of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO), on large-scale events and their ability to attract FDI and the potential Iran may hold.
read articleReview: Banking
More Interest
In a sector faced with relatively flat growth for 2015-16, new opportunities are still there aplenty, led by the nascent Islamic banking sector, e-banking, and microfinance initiatives. Together, these areas should make banking more diversified and less reliant on a buoyant energy sector for its capital inlay.
read articleReview: Capital Markets
Taking Stock
As Azerbaijan grapples with the knock-on effects of low hydrocarbon prices, the Baku Stock Exchange (BSE) finds itself at the center of the country's efforts to stave off a budget deficit this year. In January, the government announced plans to sell $500 million worth of bonds on the BSE.
read articleInterview
Khanlar Fatiyev, , Chairman of the Supervisory Board, Ganja Automobile Plant Production Association
TBY talks to Khanlar Fatiyev, Chairman of the Supervisory Board of the Ganja Automobile Plant Production Association, on the role of the plant in driving growth in the non-oil sector.
read articleReview: Agriculture
Lots More
Farms across the country are pursuing a policy of increased yields for year-round fruit and in the wheat harvest to stave off an over-reliance on imports. With carefully targeted increases in exports, better routes to port and to market, and greater sophistication of agricultural facilities, farming could soon be the morning star of Azerbaijan's diversified economy.
read articleReview: Education
Baku to School
Azerbaijan's culture has always harbored a deep respect for educational values. This is embodied in the country's Azerbaijan 2020 mission statement, which seeks to raise standards across the sector and introduce ICT as a standard part of the learning experience at all levels.
read articleInterview
Elkhan Mammadov,, Secretary General, Association of Football Federations of Azerbaijan (AFFA)
TBY talks to Elkhan Mammadov, Secretary General of the Association of Football Federations of Azerbaijan (AFFA), on the experience Azerbaijan is gaining in hosting international events.
read article
