Feb.27 (GMM) The Kingdom of Bahrain is still hoping its formula one race can be rescheduled for later in 2011.

Some observers are concerned there is no room on this year's crammed calendar for a rescheduled race, following the cancellation of the season opener due to unrest in the Gulf state.

But Bahrain's Economic Development Board chairman Shaikh Mohammed bin Isa Al Khalifa told CNN: "Bahrain is still seeking the possibility of hosting the much-awaited race later this year."

He was sanguine when comparing the cancellation with Bahrain's recent political turmoil.

"Losing the grand prix is nothing compared with a stable country and a strong economy," he said, revealing that no F1 team has sought compensation for the situation.

At the same time, the race's local title sponsor Gulf Air vowed to refund tickets for flights to Bahrain for the cancelled race.

But Sunil de Souza, regional travel manager for the region including the United Arab Emirates, said travellers are hopeful the race will be rescheduled.

"We are hoping (the protests) will subside and the race will continue at a later date and we will carry (the bookings) forward to a later date," he told Arabian Business.

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