With Qatar hosting the much anticipated 2022 World Cup, audiences worldwide have seen what the country has to offer. Sports fans and athletes saw a new home for their passions, tourists discovered another beautiful destination, and businesses saw a growing investment hub ripe with opportunity.
Now that the FIFA World Cup 2022 has finished, all eyes are on how Qatar will carry on its impact on the country and the economy.
How has the 2022 World Cup Affected the Qatar Economy?
FIFA 2022 has had an exponential effect on the Qatar economy. Analysts foresee GDP rising to 4.1% this year, and an over USD20 billion economic impact. Many firms across different sectors also saw their most optimistic 12-month business outlook since October 2020.
From large economic impacts to benefits that trickle down to individual businesses, it’s no secret that Qatar is a stronger place for your next business investment. In this blog, we’ll highlight some reasons why it’s worth investing in Qatar.
Seven Reasons to Invest in Qatar After the World Cup
- Renewed Interest: Interest around investing in Qatar reinvigorated because of the 2022 World Cup. Forecasts see a rough revenue of around USD6.5 billion, and an economic growth of 3.4% in 2022-2023. With these numbers, existing Qatar businesses will reap remarkable benefits and new investors will be encouraged to enter.Having a large amount of businesses and investors in the Qatar economy will fuel a significant boost and create a robust, active business ecosystem where many can succeed.
- Increased Tourism: Tourism in Qatar was a big winner during the 2022 World Cup. Its USD220 billion preparation investment went to sports stadiums, a new train system, improved infrastructures, and an increase to airport capacity by reopening the old Doha airport. All this accommodated the influx of tourists and provided motivation for return visits.In return, 765,000 tourists watched the games while also getting a unique holiday experience. Now that the tournament has ended, Qatar is gearing up for the long-term as it looks to have tourism take up 12% of the GDP by 2030. With an international market seeing Qatar as a tourist destination, entrepreneurs and investors can expect a steady tourism boom and a larger audience for their ventures.
- Growth Across Sectors: The World Cup 2022 also resulted in growth across industries, which is expected to continue now that it’s over. Malls, convenience stores, and other retailers were flocked, while e-commerce usage gained momentum. With how simple it is to gain a business license in Qatar, an investment here may very well be profitable.Sports and entertainment is seeing a similar uptick. The nation is hosting the Asian Football Confederation and will hold the Qatar Grand Prix in 2023, among other events. These industrial boosts will continue throughout the years, and drive more tourism to benefit Qatar businesses.
- New Investor-friendly Policies: In 2021, Qatar extended the areas where non-residents could purchase properties on a freehold basis. It also permitted foreign company ownership and implemented incentives like securing their capital against expropriation and allowing premise leases for up to 50 years.Another policy is the public-private partnership law for investors to co-own infrastructure assets made under long-term concessions, attracting foreigners to invest in World Cup-related opportunities. Qatar even signed the Al Ula Declaration with other GCC countries, lifting economic embargos and reigniting diplomatic relations between nations.Qatar made these economic moves to make investing more friendly, knowing how the FIFA World Cup 2022 would bring more investments in. Now, their positive impact to new and old investors will go far beyond the event.
- Stronger Global Community: 2022’s World Cup was the first to be hosted by an Arab country, and the second to be held in Asia. Besides the financial benefits to Qatar businesses, hosting it gives the nation a boost in geopolitical influence and soft power. In other words, Qatar becomes a more attractive option for international relations and global strategic partnerships.In fact, it was Qatar’s goal to increase intercultural understanding and celebrate global inclusiveness when they hosted the World Cup. Latching onto this worldwide goodwill gives Qatar investments and businesses an edge in intermarket relations, allowing their ventures to make an impact and become profitable worldwide.
- Economic Diversification: For a long time, the Qatar economy depended on its oil and gas industry. However, its National Vision 2030 includes ambitions to diversify business and move towards a knowledge-based economy. Sectors like technology, retail, hospitality, manufacturing, sports, and more are being given higher focus.Qatar is hoping to bring in more local and outside investments in these industries, which hosting the 2022 World Cup has only accelerated. Since the nation has seen the potential of economic diversification, it’s certain that Qatar will be more welcoming of new business and investment ideas.
- Strong Startup Support: In line with economic diversification, Qatar is also ramping up its startup support as part of National Vision 2030. Seed funding efforts like Ithmar finance up to 90% of project expenses for Qatar businesses, while the Digital Transformation of Small and Medium Business Enterprises program connects SMEs with digital solutions to help them grow.Qatar also fosters innovation through accelerator programs like the Arab Innovation Academy, and attracts talent to invest in the nation via activities like the SportsTech Acceleration Program. The government is one step ahead of investors that may need assistance, and is making post-World Cup entry easier and more encouraging.
Working with Creative Zone
Although the 2022 FIFA World Cup is over, a new journey for Qatar and its investors is just beginning. It’s a great time to invest in the nation’s endlessly growing business landscape. Working with Qatar business setup specialists like Creative Zone will let you find opportunities that best suit your needs, and scale your ideas from the concept stage to fully operational businesses.
We’ve expanded from UAE to Qatar to provide services like business setup, tax & accounting, legal advice, and many more. Our team of experts is only one message away, so get in touch for a free consultation to find out the best investment opportunities in Qatar, and how you can begin.