Qatar aims to build $20 billion sports sector ahead of World Cup

DOHA (Reuters) – Qatar would like to entice more sports companies to the Gulf point out, aiming to create a $20 billion sports sector ahead of the 2022 Overall globe Cup, a senior formal discussed on Sunday.

FILE Image – A see of the beIN Sports activities pursuits studio that will be web hosting the 2022 FIFA Overall globe Cup is witnessed in Doha, Qatar Oct sixteen, 2018. Image taken Oct sixteen, 2018. REUTERS/Naseem Zeitoon

Qatar Cost-effective Coronary heart (QFC) – which licenses abroad companies, normally in the finance sector, to exempt them from community possession regulations – aims to license about one particular hundred fifty sports companies by 2022, which contains all-close to 20 5 this yr, QFC’s CEO Yousuf Al-Jaida discussed at an celebration to announce the strategy. He did not give any names.

The journey to entice sports-very similar multinationals and help the commercialization of sports-very similar answers in the point out is factor of systems to develop to be a regional hub for sporting conditions in the operate-up to Qatar’s web hosting of the 2022 soccer Overall globe Cup, he discussed.

This thirty day period FIFA established up a joint endeavor in Qatar to permit operate the match.

“A ton of the truly worth chain is shifting to Qatar as we connect for the Overall globe Cup 2022,” Jaida discussed.

Qatar will this yr phase the Overall globe Championships in Athletics, a biennial even organized by the Global Affiliation of Athletics Federations.

“We’re seeking at sports support companies, lawful companies, schooling and finding out and schooling, sportswear and devices… it is a unique cluster of sports companies catering to 2022,” Jaida discussed.

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Past yr QFC released systems for new incentives, like cost-free of demand office space and seed cash, to contend with neighboring Dubai.

Jaida discussed QFC also aims to entice companies in areas this form of as Islamic Finance, fintech and media as factor of systems to entice one particular,000 companies during sectors by the time Qatar hosts the Overall globe Cup, up from about 600 at current.

Qatar is seeking to appeal to abroad monetary motivation and diversify its gas-centered financial local climate but faces a diplomatic and trade boycott released by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in 2017. The bloc accuses Doha of supporting terrorism, which it denies.

There was no decide straight absent supplied for the current-working day truly worth of sports monetary motivation.

Jaida discussed Qatar is also positioned to supply as an alternate hub to Dubai for regional marketplaces like Kuwait, Oman, Turkey and Pakistan, anywhere relations have developed much more highly effective looking at the reality that the Gulf rift.

“We think about that thanks to the geopolitical circumstance some really focus-grabbing authorities-to-authorities relations have shaped amongst Qatar and neighboring global areas… (and) these can be concentrate on marketplaces for companies wishing to do regional points to do out of QFC,” Jaida discussed.

Reporting by Eric Knecht Boosting by Susan Fenton

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