MSMEs to ‘supercharge’ Qatar’s economy in coming decades, says GWC official

Qatar’s micro, small and medium-sized enterprises (MSMEs) “will supercharge” the country’s economy in the coming decades as it leverages hosting the 2022 FIFA World Cup – “the biggest sporting event on the planet,” Ranjeev Menon, Group CEO of GWC, has said.“The World Cup is bringing new opportunities to Qatar and enabling businesses across a range of sectors to grow,” Menon stated in a brochure distributed to participants of the recently concluded GWC Forum 2022 titled ‘Ready for the Game’.The second edition of the annual GWC Forum aims to champion and empower MSMEs in Qatar by giving them a platform to showcase and grow beyond 2022, in line with Qatar National Vision 2030, stated Menon, adding that “empowering Qatar’s burgeoning MSMEs sector is one of our core goals.”The brochure also highlighted that MSMEs are benefiting significantly from Qatar’s position as a global sports hub. Also, the country’s MSMEs represent “97%” of private sector companies and contribute “16%” to Qatar’s non-energy GDP.It stated that hosting the World Cup has created numerous opportunities for domestic and regional enterprises in a range of sectors, including construction, events management, tourism, hospitality, and sports-related industries, and has also helped Qatar form strategic alliances and connect global value chains.Staging the World Cup has also presented the region with opportunities for innovation in areas, such as cooling technology, energy efficiency, waste management, health and safety, public transportation, and information technology.In terms of economic impact, the tournament’s economic sustainability can be measured by the impact on MSMEs and the long-term use of infrastructure, the brochure further stated.The post-legacy use of infrastructure built for the World Cup, including stadiums and training sites, must consider the impact both economically and socially. It is vital the facilities are utilised long after the tournament and benefit local communities, it noted.The brochure also quoted Hassan al-Thawadi, secretary-general, Supreme Committee for Delivery & Legacy (SC), saying: “The power of this tournament as a force for a transformative legacy has always been our guiding light. For Qatar, this tournament has always represented far more than a month of football.“We are committed to ensuring that this World Cup leaves a truly transformational social, human, economic, and developmental legacy, and is remembered as a landmark moment in the history of our region.”He added: “Across different sectors, the country is working tirelessly to develop a knowledge-based economy – reducing the reliance on hydrocarbons and supporting Qatar’s social, economic, and environmental journey – and the World Cup is a vital catalyst for accelerating that vision.”