With the FIFA World Cup Qatar 2022 countdown, economists are asking a number of questions about the extent of the tournament’s influence on the economic performance of Qatar in the medium and long term, in light of the good performance expected of the Qatari economy by many research centres and international institutions, despite the successive crises the world is currently going through, the resulting slowdown in economic growth and the unprecedented rise in inflation rates.
In spite of the gloomy forecasts for the global economy, the Qatari economy is marching to a different tune, according to the testimony of the International Monetary Fund, which recently predicted that Qatar’s economic growth rate will reach 4.9%, supported and driven by many fundamental factors, foremost of which are the constant rise in gas prices and the country’s hosting of the FIFA World Cup Qatar 2022.
According to recently announced official statistics, the direct financial revenues from organising the FIFA World Cup Qatar 2022 are estimated at QR8bn ($2.2bn), while the long-term economic revenues, during the period from 2022 to 2035 are estimated at QR9.9bn ($2.7bn), amid expectations of high tourism revenues, which are expected to flourish during the World Cup and beyond.
In this context, HE the Chairman of the Qatari Businessmen Association Sheikh Faisal bin Qassim al-Thani said, in a statement to Qatar News Agency (QNA), that since the announcement that Qatar will be organising the World Cup, the government, in partnership with the private sector, has been working hard to complete the infrastructure and other service projects.
He explained that the World Cup is a suitable opportunity to achieve the goals of Qatar National Vision 2030, saying that more than $200bn has been spent on basic facilities such as roads, bridges, ports, airport, metro, housing, tourism and free zones, and this infrastructure will turn into gains after the completion of the upcoming tournament.
The World Cup will be a strong point to attract foreign investment, which is what we are currently working on in our foreign presence and promotion of Qatar, he said, adding that this will reflect positively on the country’s future as an investment and tourism destination capable of raising the challenges of competition.
HE Sheikh Faisal bin Qassim al-Thani ruled out that the Qatari economy will enter into a recession after the organisation of the FIFA World Cup Qatar 2022, especially in light of the continued implementation of projects related to the Qatar Vision 2030, stating that spending on World Cup projects increases the GDP by 1.5%.
Economist Dr Abdullah al-Khater confirmed that the impact of Qatar organising the FIFA World Cup Qatar 2022 began to appear from the moment of the announcement in 2010, through uniting the directives of decision-makers and various sectors in the country towards one goal.
The state launched projects in various fields over the past period, in which the spending rate reached $500mn per week, he said.
The impact of the infrastructure that has been built will not be limited to the World Cup period, but will extend beyond, especially in light of the launch of huge projects in the field of liquefied gas production and what this means in the provision of financial resources that can be used to diversify the economic fabric of the state.
He pointed out that the aviation and hospitality sector will benefit the most during the most prominent sporting event witnessed by the country, reiterating that this effect will continue after the event, as the good impression of the country will increase, and this means an increase in the flow of tourists and more use of national carrier Qatar Airways, which in fact occupies a distinguished position among international airlines.
Reports confirm that such benefits are clear when examining previous World Cups, especially the one held in 2006 in Germany, which contributed to raising the ranking of its brand globally from No. 7 to No. 1. Thus, the FIFA World Cup Qatar 2022 will reportedly play the same role as the World Cup in Germany by highlighting the brands of major Qatari companies.
Different reports indicate that the effective management and good marketing of the state’s brands will contribute to the creation of long-term commercial value in addition to its role in driving the growth of gross product for more than 25 years.
In addition to brands, tourism will have a share of the benefits of the tournament. The number of fans in Qatar will range from 1.2 to 1.5 million fans. Through this Qatar will have the opportunity to provide its visitors with an exceptional experience and ensure they will repeat the visit, which will inevitably lead to higher revenues for the tourism sector during the years following the World Cup.
Al-Khater mentioned that the World Cup will be Qatar’s gateway to broader growth prospects in various economic and social fields and will contribute to spreading Qatar’s image further around the world.
Economic writer Saeed Khalil al-Absi stressed that the World Cup will be an opportunity for the world to see the capabilities and experiences gained by Qatar in organising the largest sports event, which will further strengthen the balance of trust in dealing with Qatar in various fields and open doors to export the experiences gained by Qatari companies in many fields related to the organisation of the event, especially in the field of infrastructure, as well as hotel and hospitality.
The infrastructure established by Qatar in preparation for the World Cup will have a major role in achieving the sustainable development goals included in Qatar National Vision 2030 as it will have a direct and indirect reflection in terms of returns on trade, transport and services, in addition to promoting Qatar as a global sports capital and related specialties such as training and rehabilitation centres for sports teams before the start of sports seasons and during breaks, in addition to medical tourism and others, al-Absi explained.
He added that Qatar hosting millions of visitors is a great opportunity to highlight its role and the development it has achieved over the past years in various fields, and it is also a great opportunity to introduce Qatar to the world, its position and its great achievements.
