Bahrain has not lost all hope of holding the Gulf Air Bahrain Grand Prix 2011, initially scheduled to be held next month.

'Bahrain is still seeking the possibility of hosting the much-awaited race later this year,' Economic Development Board chief executive officer Shaikh Mohammed bin Essa Al Khalifa told the CNN.

He described the cost of postponement as small, compared with the national and economic dividends of the national dialogue.

'We have gone through difficult times and the country is recovering. During the crisis, we haven't blocked the Internet or the satellite channels. We allowed everything to be reported in transparency,' he added, hoping Bahrain will emerge stronger.

Shaikh Mohammed also stressed that Bahrain had reasserted its credibility during the crisis and would stage a strong comeback and bolster its status.

'Losing the Grand Prix is nothing compared with a stable country and a strong economy,' he said.

He revealed that no Formula One team claimed compensation, stressing that Bahrain is looking forward to rescheduling the event.-TradeArabia News Service