Despite fresh protests in the run-up to this year's event, the Federation Internationale de l'Automobile, the sport's regulator, and Formula One Management, the commercial rights holders for the sport, insisted the race would take place as planned.
"The Federation Internationale de l'Automobile (FIA) and Formula One Management (FOM) wish to jointly confirm their belief that the Bahrain GP should go ahead this weekend," the two bodies said in a statement.
"The FIA and FOM also strongly believe that sport can often be a force for good and that the staging of the Grand Prix in Bahrain will come some way in helping soothe some of the issues which have been raised in the media."
While protesters have used the race as an opportunity to bring global attention to their struggle, the Bahrain government insists the event will bring long-term benefits to its people.
"F1 brings significant benefits to everyone in Bahrain, especially economically," the government said in a statement. "Bahrain upholds the right to peaceful protest. It is a country made up of many communities with different views on its development.
"This is why it has launched a dialogue between all political groups to address political issues in a manner that will ensure the country develops in a sustainable way."
Security forces only respond when "protests encouraged by extreme opposition groups result in deliberate and targeted violence," it said, and they use appropriate restraint.
"Some unfortunately believe that continued unrest on the streets affords them a political advantage, when it results in greater divisions between communities in Bahrain. Violence can never be tolerated."
The protests in Bahrain started in February 2011, spurred by uprisings in Tunisia and Egypt.
But the demonstrations failed to gain the traction of other Arab Spring uprisings after a crackdown by authorities in the island state, backed by troops from nearby Saudi Arabia and the United Arab Emirates under the banner of the Gulf Cooperation Council.
Formula One racing is the world's most popular motor sport, and races have a TV audience of more than 500 million, though the scenes last year in Bahrain were viewed as a public relations disaster for both the sport and the country's authorities.
Canceling the race in 2011 cost Bahrain from $480 million to $800 million in potential investments, according to estimates.