In winning the right to host the 22nd FIFA World Cup, Qatar made history by being the first Arab country to do so in 2010. It accomplished this by outbidding superpowers like the US, Japan, Australia, and South Korea. After acquiring the rights, Qatar acted. In preparation for hosting one of the most significant athletic events later this month, the nation is getting ready to welcome football fans from all over the world.
One of many firsts in the tournament this year, which will take place from November 20 to December 18. The first World Cup to be held in the Middle East and to be held outside of Europe is this one. It is the first time in World Cup history that there will be three female referees and three female assistant referees.
The tournament will also include the first entirely demountable venue in its history. This year’s event will have the most condensed geographic footprint ever thanks to all venues being located within a 50-kilometre radius of central Doha.
Economically speaking, the competition has facilitated the expansion and is anticipated to continue to do so in the future as a catalyst for continued growth and worldwide interest.
According to a PwC report, “The World Cup is not only an advantageous strategic tool on its own, but it is also a vehicle for attaining a thriving economic environment beyond 2022 and a vital part of the wider picture set forth by the “Qatar National Vision (QNV) 2030.”
According to Rituparna Majumder, industry principal, economic analytics practice, Frost & Sullivan, “Qatar did see a gradual move towards diversifying its domestic economy from the time they won the World Cup bid in 2010, as evidenced by the reduction in its oil and gas contribution to GDP from 53% in 2010 to 39% in 2020.”
Additionally, in the recent past, significant advancements have been made in other fields, including social work, banking, construction, and wholesale and retail trade. Thanks to the infrastructure improvements associated with the World Cup, the construction sector’s share rose from 6% in 2010 to a staggering 14.4% in 2020.
Promising results
Qatar has included the World Cup in its development and diversification goals, viewing it as a chance for economic modernization and transformation as well as a platform to promote its culture and hospitality on a worldwide scale.
The competition is anticipated to generate large financial benefits in addition to aiding Qatar’s rise to international recognition.
According to FIFA’s annual report for 2020, the total income budget for the FIFA World Cup in Qatar in 2022 is $4.66 billion. FIFA also outlines five main revenue streams, with television broadcasting rights accounting for 56% of total revenue, followed by marketing rights at 29%. The remaining 15% of the revenue split comes from ticket sales, hospitality rights, licensing rights, and other sources. Notably, the past two World Cups—in 2014 and 2018—produced $4.82 billion and $4.64 billion in earnings, respectively, Majumder continues.
Redseer Strategy Consultants estimates that the event will bring in $4 billion in visitor spending, $500 million of which will come from nearby nations. Online viewership is anticipated to increase by more than 43% during the World Cup, reaching five billion people, compared to the FIFA World Cup that was held in Russia. The financial benefits, however, are an expected side effect given the enormous investments the nation committed to hosting the event.
