How does Qatar benefit from FIFA World Cup?
The FIFA World Cup 2022 in Qatar spurred growth in the country’s transportation, tourism, hospitality, and infrastructure sectors.
The World Cup is expected to draw more than 1.2 million tourists into Qatar, bringing in over $18 billion (QAR 66 billion) and boosting Qatar’s National Vision 2030. Qatar’s population will rise by 1.5 times due to this inflow, resulting in short-term economic improvements for the Arab country.
According to reports, Qatar’s lodging and food services sector has experienced the strongest growth, with an annual growth rate of 29.8%. This rise reflects the rising demand the economy would experience as tourism expands.
The government implemented a 10-year programme of initiatives for 2015–2024 to prepare for the World Cup. As a result, it is predicted that between 2015 and 2022, the government will spend an average of 13% of GDP on capital projects.
Roads, metro stations, sewage systems, hospitals, and schools have all been developed due to the initiatives. According to research, the direct costs of building sports facilities for World Cup activities might account for 3% of GDP.
Qatar’s international profile will be raised globally by the FIFA World Cup in the long run. The tournament will have a short-term positive economic impact on Qatar, but it won’t affect its economic outlook significantly.
In what ways does the FIFA World Cup benefit other Middle East countries?
According to an S&P rating assessment, the FIFA 2022 World Cup is predicted to draw more than 1.2 million spectators, which will be good for the economies of the Gulf Cooperation Council.
The logistical difficulties of organizing one of the biggest sporting events ever would probably have a favourable economic ripple effect on the rest of the GCC. The neighbouring GCC nations are anticipated to welcome a sizable number of visitors as well, boosting their tourism and aviation industries.
The official GCC lodging portal gives priority to ticket holders. Without match tickets, visitors may be able to find lodging in Qatar and may decide to stay in one of its neighbouring nations. In the meantime, accommodation costs in Qatar have increased, possibly making it more cost-effective for some fans to stay somewhere else and take one of the several shuttle flights to Doha from the larger GCC. However, to reflect the increasing demand, accommodation rates have generally increased across the GCC.
Economic boost to Dubai
Dubai would reportedly profit the most outside Qatar due to its proximity, robust tourism sector, airline links, and provisions for multiple-entry tourist visas.
According to sources, the revived cooperation between the two countries will promote reciprocal trade and economic stability throughout the whole GCC region.
The reopening of the land, sea, and air corridors will make it possible for UAE football fans to travel to Qatar. GCC nationals will also receive an on-arrival visa. The increased cash will benefit Qatar, while the UAE may provide supporters with a different location to base themselves in for the length of the event.
One of the numerous industries that will profit from the tournament is the travel and aviation industry. Additionally benefiting is the retail industry.
In a nutshell
In addition to giving Qatar a chance to showcase itself, the FIFA World Cup is also a chance for the GCC to market itself internationally. The event will bring Qatar and the wider GCC region billions in revenue, providing the GCC economy with a much-needed boost and generating employment for locals. Furthermore, the Gulf region will also become more well-known thanks to the FIFA World Cup and its potential as a tourism destination.