Qatar’s successful bid to host the FIFA World Cup has accelerated development in critical sectors of the economy, including travel and tourism, hospitality and infrastructure. Most predictions estimate that over one million visitors will arrive in Qatar for the event, generating approximately QAR 66 billion for the country by 2025. The event will also be a catalyst for supporting Qatar’s National Vision 2030.
For many of the visitors arriving in the country for the games, it will be the first time they visit Doha and perhaps even the Middle East; hence it is an enormous opportunity for Qatar to showcase its culture, hospitality and everything it can offer as a tourist destination. In the longer run, the FIFA World Cup will raise Qatar‘s international profile worldwide, providing it with a platform to grow and cultivate its leisure and tourism sector.
The economy’s fastest-growing industry has been lodging and food services with an annual growth of 29.8%, representing the rising demand that the economy will experience as tourism grows. The World Cup has significantly increased demand for hotels, restaurants, and entertainment establishments. This trend will continue as Qatar capitalises on the attention that a global event like captures.
The reopening of the borders between Qatar and the UAE will promote a gradual restoration of commercial ties between the two nations. The reopening of the air, sea, and land corridors will enable football fans from the UAE to visit Qatar. Additionally, GCC nationals will have an on-arrival visa. Qatar will profit from the increased revenue whilst the UAE can offer fans an alternate destination to base themselves for the duration of the event.
“The renewed collaboration between the two nations will encourage reciprocal trade and foster more economic stability for the whole GCC region,” said Nazar Musa, CEO of leading UAE company service provider, PRO Partner Group. “Qatar is currently undergoing huge economic change. There are many diverse investment opportunities that exist within the country at the moment”, adds Nazar.
In addition, Qatari Law of 2019 permits the formation of businesses with 100 % foreign ownership, including logistical and construction firms and employment and recruiting industries. Only investments made in line with the rules of the Foreign Investment Law are permitted by foreign investors in Qatar.
PRO Partner Group can facilitate all the procedures, documentation and legalities involved in establishing and maintaining a commercial entity across all business sectors in Qatar from start to finish and beyond. See here for more information on how to set up your business in Qatar.
For more assistance on how to set up a business in Qatar and guidance to enter or grow within the Qatari market, for more information visit www.propartnergroup.com.