Cape Town to benefit from R2bn economic injection in Formula E's first year, report finds

The upcoming Formula E race on 25 February would substantially impact the local economy, the Western Cape government announced on Wednesday after releasing its findings of a report into the potential income an event of such magnitude would generate.

Mireille Wenger, minister for Finance and Economic Opportunities, said: "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."

Cape Town, one of the world's foremost tourist destinations, has felt the pressure and strain left in the wake of Covid-19's devastating impact. But with global destinations again opening their doors to international visitors, the Mother City is ready to welcome visitors to the Green Point precinct.

Booked-out hotels

According to data released by Sojern, a travel marketing platform, around 37% of domestic and international travellers looking to attend the Cape Town e-Prix have looked at accommodation options more than three months ahead of the event, with 31% of all travellers booking their accommodation one to three months ahead of the travel date.

As such, Sojern says that hotels in Green Point are fully booked over the e-Prix weekend, allowing accommodation vendors, tourist attractions, and tour operators to capitalise on the many opportunities.

"The benefits of this event, and many like it, go beyond a once-off economic boost. Formula E will be hosted in Cape Town for the next 10 years and will also provide a perfect platform to boost sports tourism to the province," Wenger adds.

The staging