By Clifford Okyere
“There is nothing great in football that can be compared with the World Cup, not even UEFA Champions League”- this is the thought of most football fans when asked such a question. Football has over the years developed into a lucrative business venture but for the World Cup, it is a humongous one. The Federation Internationale de Football Association FIFA World Cup Tournament, which was first played in 1930 in Uruguay, is a four-year men’s football match held between various countries to compete for the cup, fame and other short-term and long-term benefits.
The world cup has seen 21 countries host the tournament including Brazil, South Africa, Germany, Russia and USA.
This year’s World Cup Tournament is being held in Qatar after being awarded the right to host on 2nd December 2010. Since then, the Qatari government has spent well over $220 billion over the decade, preparing for the one-month-long tournament. The total amount is reported to be almost five times the combined amount of $48.63 billion spent on the world cup event from 1990 to 2018, making it the most expensive FIFA tournament ever organized. This is the first ever super mega event to be held in the Gulf State although it has hosted a number of world events such as the IAAF World Athletics Championship and the World Men’s Handball Championship.
It is also the first ever World Cup Tournament to be held in an Islamic country since it began in 1930.
Besides all the fun, merry mongering and the post-covid FIFA match experience which will make football lovers all over the world to churn out their support behind their country’s team from November 20th to the final on December 18th 2022; there are various economic benefits that is derived from such an occasion, with large sums seated on the neck of the host nation.
Over the years, preferably since 2006, research has been conducted into the benefits that host countries stand to achieve pre and post of world cup tournament and the results have proven advantageous although it bears its own loopholes. They have both short-term and long-term benefits which aided in the country’s Socioeconomic growth. In view of Qatar, it is expected to generate about $7.5billion as compared to the $6.4billion generated by the preceding country, Russia.
Qatar, with a population of less than three million, is expected to experience an influx of tourists over a million for the world cup tournament and this will have a great influence on most sectors of the Qatari economy and they include tourism, foreign trade, hospitality, infrastructure development and employment.
TOURISM
The most important sector of the economy of Qatar to benefit immensely from the 2022World Cup is tourism. It is also an industry on the priority of the Qatari government diversifying its economy. This is a sector which is recorded to amass a total of $14 billion annually for the Qatari economy alone. The country boasts of extraordinary modernized landmarks, both old and new, with enormous structures in well-known areas such as the Education city, Doha, The Pearl Qatar, Lusail and Al khor. They all boast of man-made structures with magnificent design and cultural artifacts which attract tourists all over the world. These places include Katara Cultural Village, National Museum of Qatar, Museum of Islamic Arts and the Sealine Beach Resort. And for the ongoing world cup tournament, fan zones and recreational sites have all been developed to help boost the tourism of the country. It is therefore not going to be an undeniable fact that there will be a sudden surge in tourism than ever in the small peninsular gulf State as it will be an avenue for Qatar to showcase their beautiful culture to the rest of the world.
HOSPITABILITY
A bedfellow of tourism is the hospitality sector. As there is an influx of tourists into the country, the country’s hospitality sector will witness a surge in demand as the world cup is concerned. The sport events, cruise ship business, exhibitions and food shows will help drive revenue to the country’s economy, raising the sector to unexpected heights.
A popular destination in Doha which will choke off tourists is Souq Waqif. This is a well-known location for both Qataris and tourists to unleash when the gulf sun is not punishing. It is expected to overflow its banks in terms of tourists as it is set to satisfy the entertainment and leisure needs of the tourists. All these will contribute to the economic growth of the country.
INFRASTRUCTURAL DEVELOPMENT
Another sector that will reap off the benefits of the world cup tournament in Qatar is the infrastructure sector of Qatar. Prior to the game, various spots were in the country including railway, roads and Stadiums which would serve as both short-term and long-term revenue generation for the Qatari economy. The government has spent an estimated amount of $10 billion to build and renovate seven ultramodern and one already-used stadium respectively. The eight giant stadiums with a sitting capacity that ranges from 40,000 to 80,000, were constructed with 85% recyclable products which would be put to use after the tournament. These and many other infrastructures developed are being projected to generate revenue to the county.
This sector along with others have created jobs for Qataris and immigrants, who do contribute to their quota to the country’s economy
TRAVEL
Qatar also did develop both its internal and external transport system in the country. They developed the metropolitan railway system, city trams and shuttles that would help ease congestion around the stadia where the tournament is to be held and other events, which is expected to raise funds for the country. The Qatari government has contracted neighbouring gulf country air transport to ensure constant air travel by tourists who stay in their country and want to witness the tournament. This will create joint earnings for GCC countries which have partnered with the Qatari government.
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Several companies, brands and marketing firms have partnered with Qatar to showcase their products to the world. It will be an envious spot to gain such an opportunity therefore there will be a huge investment in this sector as foreign firms would want to be at the top where the world has converged on and partner with the people’s favourite Football Stars.
Doubt with a pinch of salt that one of the richest countries on the globe will be at the losing end at the end of the tournament with all the initiatives put in place by the Qatari government to paint a perfect image to tourists amid the looming mammoth profit margins that the country will be deriving from the World Cup.
