As the World Cup 2022 unfolds in Qatar, garnering football fans from across the globe, it is a time for the host country to show its mettle to the world beyond oil and gas. It is the first time a Middle Eastern nation is hosting this mega sports event. And, it is expected that the World Cup would contribute more than $20 billion to Qatar’s economy.
The country has already witnessed $billion in foreign inflows. The Qatar Exchange has been performing well since the beginning of this year except for a fall after April. All because of the World Cup. The country spent $220 billion since 2010 to prepare for the sports event. It is 15 times more than what Russia spent in 2018. Qatar changed its infrastructure – from Doha Metro to building a new airport, a new city, and a new port. It is estimated that Qatar’s GDP would rise by 4.1 per cent by the end of 2022 due to the World Cup.
The World Cup is also a good time for Qatar’s MSME sector. Qatar has been strongly nurturing the sector that has significantly contributed to the economy in the past few years. Qatar has included startups in different areas of the World Cup. Take the case of Doha-based tech startup Arvex. It offers 360-degree VR tours of the Khalifa International Stadium in Doha. The Qatari technology startup sKora uses artificial intelligence to identify talents and prepare athletes. A perfect way to find out one’s right career path.
Moreover, Qatar has been providing grants to startups and ideas that have the potential to support the World Cup. For instance, an all-women group from Saudi Arabia was given a grant to make seats in the stadium using waste from date palms. A physics teacher from Virginia Commonwealth University, Qatar, received a grant for research on polystyrene composite for insulation materials to be used in the World Cup. One has to wait and watch how this trend would go on after the World Cup.
