Singapore Grand Prix gets new four-year F1 deal

A man walks near decorations for the Singapore Formula One Grand Prix in Singapore on Wednesday

A man walks near decorations for the Singapore Formula One Grand Prix in Singapore on Wednesday

"This has not only created an exciting atmosphere during the race season, but also injected creative concepts and experiences that continue to attract tourists to Singapore all year round", added Yeo.

That is what Formula One drivers are facing at this weekend's Singapore Grand Prix.

The cost of hosting the race around the Marina Bay Street Circuit was estimated to cost around $150 million each year, although Mr Iswaran said costs had come down by about $15 million a year.

Speaking at the event, he said: "We haven't concluded a deal yet, but we're having positive discussions and it is certainly our goal to try and reach a deal that works for both of us. As always, I am hoping we can have a good result".

Tillerson calls for an end to 'horrors' in Myanmar
UNICEF said on Thursday that about 400,000 Rohingya Muslims have fled Myanmar since August 25, some 60 percent of them children.

The Singapore Grand Prix, whose 10th edition is on Sunday, has quickly become one of Formula One's best known races and is often compared to Monaco's classic street grand prix.

The first track to ever stage a night race in the sport has just extended its contract until 2021 and all involved will be hoping it gives the fans some excitement a decade after it held its inaugural race.

Meanwhile, Lionel Yeo, Chief Executive of the Singapore Tourism Board, stated that the race has provided an excellent platform for businesses to test bed new lifestyle initiatives and products.

"The Singapore Grand Prix is a signature Formula 1 race and therefore we are very pleased that it will continue to feature on the calendar for a further four years", said F1 CEO Chase Carey. Vettel has four wins this year with five runner-up finishes.

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