Formula One (F1) racing is one of the most expensive, competitive, and technologically advanced forms of motorsport. F1 races take place on circuits around the world and involve drivers and teams of various nationalities competing to win the World Championship. The FIA governs F1 and establishes strict technical and sporting regulations that determine car specifications and race procedures. Since 1950, F1 has seen constant innovation in car design and technology to increase speed, including advances like turbocharged engines and carbon fiber materials. Hosting F1 races has increased tourism and cultural exposure for the United Arab Emirates.