Hosting the 2022 FIFA World Cup has been economically beneficial for Qatar, as the country sees an increase in Gross Domestic Product (GDP) with the retail and hospitality sectors growing.
According to a report by Cushman and Wakefield, the GDP grew by about four percent in 2022, which is an improvement from 2021 when there was only a 1.5 per cent increase.
However, the GDP is expected to grow by only 2.7 per cent in 2023, as the travel and tourism industry will experience a slight downfall due to the end of the World Cup.
There will be major sports events happening at Qatar in 2023, such as the Formula One Grand Prix, Expo 2023, and the Asian Football Confederation (AFC) Asian Cup, which will help the travel and tourism sector avoid a further collapse.
The retail industry also witnessed a rise during the final few months of 2022, with outlets and malls that accommodate visitors from around the world being available.
The most recent mall to open is the Place Vendome, which was used as a tourist destination as it was near the Lusail Stadium, the venue for the World Cup final.
Outlets and malls offer rentals of around QR 200 ($55,£46,€52) per square metre each month, mainly being occupied by new cafés and restaurants.
The hospitality sector had a major improvement during the World Cup, with the occupancy rate of one and two star hotels reaching 92 per cent.
During the same period in 2021, there was only a 64 per cent occupancy rate.
Five-star hotels received a boost as well, as they accumulated an increase of 306 per cent in revenue per room from December 2021 to December 2022.
Qatar is expected to utilise the aftermath of the World Cup to explore business opportunities.
Recently, Sheikh Jassim bin Hamad Al Thani, brother of Qatar’s leader Sheikh Tamim bin Hamad Al Thani, expressed interest in purchasing English side Manchester United.
Despite the expected slowness of growth, Qatar is looking to improve the number of visitors to six million by 2030.
Source : InsideTheGames