The R2.13 billion (€125m) in direct and indirect economic impact generated for Cape Town’s hosting of the Formula E – including R481 million (€28.2m) in global destination exposure – will be a welcome boost to the province and the city.

On Saturday, February 25, Cape Town will host Formula E (officially the ABB FIA Formula E Championship), the world's first fully electric street racing series.

“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,” said Western Cape Minister for Finance and Economic Opportunities, Mireille Wenger.

“The demand for a green, more resilient future has never been greater, for the world and for South Africa. The staging of the event will provide a catalyst for the Western Cape Green Economy and provide a platform for global, African, and local green economy players to meet on an annual basis to identify opportunities to support business and drive job creation.”

Western Cape Minister of Cultural Affairs and Sport, Anroux Marais, added: “We are very excited to be hosting a major sporting event of this nature for the first time in the Western Cape. Not only does this event showcase important environmental matters that need to be considered for all sporting events, but it also offers people of the province the chance to come together to support an exciting new race. We believe that this event is another one that can be added to our ever-growing list of annual events that bring people together in a shared space.”

Events such as the Formula E have proved to result in significant economic impacts for the hosting cities and provide extensive opportunities for showcasing their ability to host large-scale world-class events.

“Hotels in the Green Point area fully booked for the Formula E-Prix, or any upcoming events this year, should continue to maintain their digital marketing presence,” said Stewart Smith, Managing Director for the Middle East and Africa of the digital travel marketing platform, Sojern.

Highlighting the need to build on the momentum created by the hosting of such a big event, Smith said: “Now is the time to share the details of amenities, such as restaurants, pools or spas so guests are fully aware of offerings, and where they can spend their time when they aren’t at the circuit.”