Singapore is hosting a series of finance-focused conferences this week as it prepares for the upcoming Formula One Grand Prix, despite ongoing haze conditions affecting the city-state. The events, which include the Forbes CEO Conference and the Milken Asia Summit, are drawing regional, business, cryptocurrency, and sports leaders to the city.

Among the notable attendees are Philippine President Ferdinand Marcos Jr., investor Ray Dalio, and Eric Trump, co-founder of a family-backed cryptocurrency venture. The influx coincides with the arrival of hundreds of thousands of Formula One fans set to attend the iconic night race through Singapore’s city streets, an event that typically serves as a global showcase for the country.

The haze, caused by widespread fires in Indonesia, marks some of the worst air quality Singapore has experienced in over a decade. The country’s environment agency recently forecasted air quality levels ranging from “high moderate” to “low unhealthy” on Tuesday. However, no long-term air quality predictions have been issued for race day on Sunday.

Singapore’s tourism board reported strong momentum for both the Formula One race and its surrounding events, citing continued confidence in the tourism sector despite ongoing economic and geopolitical uncertainties worldwide. The Grand Prix and its approximately 40 associated events have led to a surge in hotel prices, with rooms at the Fullerton Bay Hotel near the track reportedly reaching US$3,933 per night, sharply up from the usual rate of around US$1,460.

The region’s financial markets are also facing challenges, with declining bond prices and a shift in investor sentiment toward artificial intelligence, moving from initial optimism to a more cautious stance. These issues are anticipated to shape discussions among investors and business leaders over the course of the conversations at the high-profile conferences running from Wednesday.