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FIFA World Cup to boost economic growth in the Middle East
Qatar will profit from the increased revenue, while the UAE can offer fans an alternate destination to base themselves during the event.
Qatar’s hosting of the FIFA World Cup has accelerated growth in major sectors of the country’s economy, including travel and tourism, hospitality, and infrastructure.
By November, more than one million visitors will enter Qatar for the World Cup, generating approximately $18 billion (QAR 66 billion) for the country, which is a significant push for Qatar’s National Vision 2030.
In the long run, the FIFA World Cup will raise Qatar’s international profile worldwide, providing it with a platform to grow and cultivate its leisure and tourism sector.
As per reports, the lodging and food services industry has been Qatar’s fastest-growing, with an annual growth of 29.8%, representing the rising demand that the economy will experience as tourism grows. The World Cup has significantly increased demand for hotels, restaurants, and entertainment establishments, which is expected to see an uptick and boost in the coming months.
The influx of tourists and reopening the borders between Qatar and the UAE will gradually restore commercial ties between the two nations.
Reopening the air, sea, and land corridors will enable football fans from the UAE to visit Qatar.
Additionally, GCC nationals will have an on-arrival visa. Qatar will profit from the increased revenue, while the UAE can offer fans an alternate destination to base themselves in for the duration of the event.
“The renewed collaboration between the two nations will encourage reciprocal trade and foster more economic stability for the whole GCC region,” said Nazar Musa, CEO of leading UAE company service provider, PRO Partner Group. “Qatar is currently undergoing huge economic change. Many diverse investment opportunities exist within the country now,” adds Nazar.
Other enhancements to the investment landscape include the Qatari Law of 2019, which permits the formation of businesses with 100% foreign ownership, including logistical and construction firms and employment and recruiting industries.
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