With the countdown to the FIFA World Cup Qatar 2022, economists are asking a series of questions about the extent of the medium- and long-term impact of the tournament on Qatar’s economic performance given the good performance of Qatar’s economic centers and international institutions, expected by many researchers, despite the back-to-back crises the world is going through, the resulting slowdown in economic growth and the unprecedented rise in inflation rates.
Despite the gloomy outlook for the global economy, the Qatari economy is marching in a different direction, according to the International Monetary Fund, which recently predicted that Qatar’s economic growth rate will reach 4.9%, supported and driven by many fundamental factors, most notably its steady rise of petrol prices and the country’s hosting of the FIFA World Cup Qatar 2022.
According to recently released official statistics, the direct financial revenue from the organization of the FIFA World Cup Qatar 2022 is estimated at QR 8 billion (USD 2.2 billion), while the long-term economic revenue is estimated at QR 9, An estimated QR 9 billion (US$2.7 billion) amid expectations of high tourism revenues set to thrive during the World Cup and beyond.
In this regard, SE, Qatari Businessmen Association Chairman Sheikh Faisal bin Qassim al-Thani said in a statement to Qatar News Agency (QNA) that since the announcement that Qatar will organize the World Cup, the government has been in partnership with the private sector, has been working hard to complete infrastructure and other service projects.
Explaining that the World Cup is an appropriate opportunity to achieve the goals of Qatar National Vision 2030, he said that more than US$200 billion will be spent on basic facilities such as roads, bridges, ports, airports, subways, housing , Tourism and Free Zones have been spent , and this infrastructure will turn into profits after the conclusion 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 overseas presence and promotion of Qatar, he said, adding that it will have a positive impact on the country’s future as an investment and tourism destination ready to face the challenges of competition.
HE Sheikh Faisal bin Qassim al-Thani ruled out that the Qatari economy would fall into recession after the organization of the FIFA World Cup Qatar 2022, especially given the continued implementation of projects related to the Qatar Vision 2030, stating that expenditure would continue to rise World Cup projects increase GDP by 1.5%.
The economist Dr. Abdullah al-Khater confirmed that the impact of Qatar’s organization of the FIFA World Cup Qatar 2022 was visible from the moment of the announcement in 2010, uniting the policies of decision makers and different sectors in the country towards one goal.
The state has recently launched projects in various areas where the spending rate reached $500 million a week, he said.
The impact of the built infrastructure will not only be limited to the World Cup period, but also beyond, especially with regard to the launch of large-scale projects in the field of LPG production and what this means for the provision of financial resources used to diversify the economic fabric of the state can become.
Noting that the aviation and hospitality sectors will benefit the most from the country’s most prominent sporting event, he reiterated that this effect will continue after the event as the country’s good impression will increase, and this means an increase in the population flow of tourists and the increased use of the national airline Qatar Airways, which actually occupies a prominent position among international airlines.
Reports confirm that such benefits are evident when looking at previous World Cups, notably Germany 2006, which helped lift his brand’s ranking from No. 7 to No. 1 worldwide. 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.
Various reports indicate that the effective management and good marketing of the state’s brands will help create long-term commercial value, in addition to their role in driving gross product growth for more than 25 years.
In addition to the brands, tourism will also share in the benefits of the tournament. The number of fans in Qatar will be between 1.2 and 1.5 million fans. This will give Qatar the opportunity to provide its visitors with an exceptional experience and ensure that they repeat the visit, which will inevitably result in increased revenue for the tourism sector in 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 help further spread Qatar’s image around the world.
Economics writer Saeed Khalil al-Absi emphasized that the World Cup will be an opportunity for the world to see Qatar’s ability and experience in organizing the greatest sporting event, which will further strengthen the bond of trust in dealing with Qatar in various fields and open doors to export the experiences that Qatari companies have gained in many areas related to the organization of the event, particularly in the infrastructure and hotel and hospitality sectors.
The infrastructure that Qatar has built in preparation for the World Cup will play an important role in achieving the Sustainable Development Goals contained in the Qatar National Vision 2030, as they will additionally directly and indirectly affect the revenues from trade, Transport and services impact Qatar as a global sports capital and related specialties such as training and rehabilitation centers for sports teams before the start of the sports season and during breaks, as well as promoting medical tourism and others, al-Absi explained.
He added that the fact that Qatar hosts millions of visitors is a great opportunity to highlight its role and the development it has achieved in various fields in recent years, and it is also a great opportunity to Qatar to present to the world his position and great achievements.