How did Qatar benefit “economically” from the 2022 World Cup?

How did Qatar benefit “economically” from the 2022 World Cup?

Thank you for reading this post, don't forget to subscribe!

Hashim Al-Sayed, the Qatari economist and chairman of the Association of Certified Public Accountants, praised his country’s organization of the 2022 World Cup, stressing that the event is not only sporting, but also economic, social and cultural, which constitutes an achievement for Qatar, the Arab countries and the Middle East region.

According to the economist, Qatar has spent about $200 billion on basic facilities such as roads, bridges, ports, airports, subways, housing, tourism and free zones, in addition to stadiums and advanced sports facilities, on top of which are 8 stadiums according to the latest international standards.

Hashim Al-Sayed told the Qatari newspaper, Al-Raya, that his country is preparing to host about 1.2 million visitors during the World Cup, which will last for a month, while it is expected to achieve financial returns of about $17 billion, which will create promising opportunities for various sectors, including real estate, trade, tourism, aviation, transportation, and others.

Al-Sayed revealed that hotel reservations are witnessing record numbers, as there are 30,000 rooms, about 43,000 beds, and 128 hotels. And 240,000 hospitality packages for the tournament.

The economist noted that the housing and rental sector has witnessed an unprecedented boom since the beginning of this year, pointing to remarkable increases in the rental of residential units ranging between 10% and 40%.

In its annual report, the Planning and Statistics Authority expected the growth of the Qatari economy during the current year 2022 between 1.6% and 2.9%, up from a range of 1.5%-2.3% in 2021, driven by the improvement of most economic activities and Qatar hosting the 2022 World Cup.

The Qatar Tourism Authority had announced the opening of 50 new hotels during the current year, and the Qatari hospitality sector achieved positive returns, while the supply of rooms was steadily increasing, recording 30,000 rooms until the aforementioned month.

Hotel reservation prices are also witnessing a significant increase, as we find 4-star and 5-star hotels, the cost per night ranges from 3 to 5 thousand dollars, and 2- and 3-star hotels range from 500 to 2000 dollars per night.

There are also cruise ships that will provide about 5,000 rooms accommodating 9,500 people, as the Supreme Committee for Delivery and Legacy signed an agreement with the “MSC” cruise ship company, in order to rent two cruise ships to create a unique experience for fans, in addition to the desert tents.

Qatar targets between 5 to 6 million tourists until 2030, and so far tourism revenues have increased by 45% in the first half of this year 2022.

#Qatar #benefit #economically #World #Cup

Related Articles

Back to top button