Long after the 80,000 strong crowd has gone home, the last team transporter has left and the city streets are cleared for normal business following this weekend’s inaugural Singapore Grand Prix, the real value of the race will begin to be felt.

The grand prix will put Singapore on the global sporting map in front of the 597m television audience that is estimated to watch Formula One every year. The country’s government is covering 60 per cent of the $100m cost of the race, with Ong Beng Seng, the leisure industry billionaire, covering the rest. It is an advertisement like no other and Singapore hopes to generate $70m from tourism in the grand prix’s first year.