How the 2022 World Football Event Will Encourage Investment in Qatar?
Qatar is set to host the Football World Cup 2022 in November. In doing so, it will become the first Arabic country to host a football World Cup ever. The high-profile and the world’s most prestigious football tournament is said to be a boon for the real estate Qatar industry.
With large-scale development projects underway to transform the city and the transportation of the Middle Eastern country to host more than a million expected visitors, it is attracting investments from all over the world.
The event is a big deal for a country with less than 3 million residents because it is a chance for Qatar to draw much-needed global attention to the location and promote its economy. By land mass and population size, Qatar is the smallest country ever to host the Football World Cup tournament. To support such a vast undertaking, the oil-rich emirate depends on foreign direct investments to improve its infrastructure. As a result, properties for sale in Qatar are at an all-time high.
How world football event encourages investment in Qatar
This article will explore how 2022 Football World Cup encourages investment in Qatar.
Opportunities to boost global tourism
According to the investment promotion agency of Qatar, IPA Qatar, there are significantly many routes through which the 2022 Football World Cup will help draw in foreign direct investment in the country. The agency notes that, ever since the tournament was awarded to Qatar in 2010, the country’s GDP has held steady at 4.5%.
Furthermore, the Ministry of Commerce and Industry has identified 83 commercial and investment opportunities in the private sector until 2023 that will provide a boost for real estate in Qatar.
Several investment opportunities are opening up due to the tournament, such as establishing internationally recognized sports health and medical services, a boost for its nascent eSports sector, and a sustainable increase in tourism infrastructure. Given the event, many ex-pats are interested in buying property in Qatar. Due to increased demand, many property listing websites are witnessing an increase in the number of villas for sale in Qatar.
To accommodate millions of visitors, the Qatari government has simplified the process of holiday home licenses to allow resident property owners to rent to visitors.
Nasser Al Khater, the CEO of the tournament, believes that the 2022 football tournament will help the country to emulate the $14 billion investment Russia added to its economy when it hosted the last football World Cup. He said, “the country’s focus to shift from infrastructure development to tourism and will likely go in the direction of Russia post-World Cup 2018.”
Many investors are likely to invest in Qatari contract firms to support the rapid development of infrastructures such as stadiums, hotels, properties for sale in Qatar, and transportation. The Qatari government estimates that as many as 1.5 million new job opportunities will be created in the construction industry to rapidly develop real estate in Qatar and help meet the 2022 football world cup deadline. Also, the multiplier effect is expected to increase the wealth of the local population because of foreign investments.
Investment opportunities in Qatar
By winning the World Cup bid, Qatar has shown its tremendous ability to organize, control, and ensure successful events. This is helping the country to promote and publicize all residential buildings in various areas in the capital city of Doha as an investment opportunity in the long run. It has resulted in an unprecedented qualitative boom in the number of properties in Qatar. The real estate Qatar sector is witnessing cash flow and significant demand from investors and businesses to establish hotels and hotel apartments throughout the Middle Eastern country, especially around the areas that will serve the World Cup or adjacent to stadiums.
As more investors are getting interested in investing in the country, there is a surplus of opportunities in the construction industry. For foreign investors, residential properties offer an unmatched opportunity to get high returns on their investment, given the friendly government policies. Taxation relaxation for investors, easy availability of villas for sale in Qatar, and availability of consultants to guide foreign investors are creating a significant inflow of investments in Qatar.
Conclusion
Hosting the 2022 Football World Cup gives Qatar a global platform to promote its economy and attract investments. Apart from the financial gains of the tournament, the Middle Eastern country will also be able to achieve significant public relations benefits. This will pave the way for foreign investments in the coming years. Many experts believe this tournament will give the country the same global recognition it got with the Al Jazeera television network launch that put it on the global media landscape.
It is prime time for foreign investors to consider opportunities in Qatar for long-term investments and high returns on investments.