Qatar’s Booming Construction Industry: A Major Benefit of FIFA World Cup 2022
The approaching 2022 FIFA World Cup in Qatar has driven the country’s economy with massive growth in the construction sector. The Qatar National Vision 2030 along with the mega event, 2022 FIFA is witnessing growth in the sector despite the oil price drop.
Construction is one of the rapidly growing sectors in Qatar with construction activities increasing every year, including several completed and ongoing mega projects like the Msheireb Downtown Doha Development, the Doha Metro, highways and other infrastructure projects. With huge investments planned for infrastructure development over the coming years of hosting the World Cup, the construction sector demands more workers, thus creating more job opportunities for nationals as well as foreign workers.
Economic Aspects of Winning the Bid for FIFA World Cup
FIFA’s decision of choosing the State of Qatar for hosting the World Cup 2022 has made Qatar the first Arab country to win the bid. The mega event brings along with it numerous job opportunities and enormous economic aspects not only for Qatar, but also for the neighboring Gulf countries.
Here’s a quick look at the unique opportunities that come along with the winning bid:
- Infrastructure Development
Hosting of FIFA World Cup, one of the largest sports events and competitions in the world, is a catalyst for economic growth and development. This entails huge investments on infrastructure projects such as road, rail, tourism, construction, and hotel. New infrastructure would also include building more air-conditioned stadiums and create opportunities for various contracting companies, financing firms, real estate companies and design firms.
- Tourism
With FIFA 2022 looming ahead, Qatar anticipates a boom in the tourism industry, expecting over one million visitors to witness the tournament. The FIFA fans from across the world would visit Qatar to experience the traditional Arab hospitality. According to the sources, Qatar’s tourism sector is expected to contribute to its economy approximately QAR 66bn by 2025.
While the event has garnered global attention, Qatar plans a successful tourism offering for visitors, including business visitors for conferences, exhibitions or meetings. Moreover, the real estate sector is expected to see a robust growth with an increase in the demand for tourist facilities such as hotel rooms, resorts, etc.
- Job Creation
Winning the bid has certainly created a positive impact on Qatar’s job market with various projects involved in the preparation for hosting FIFA 2022. Expected to create around 1.5 million new jobs, Qatar has emerged as an attractive global job market. The key sectors such as construction, real estate, hospitality are bound to create numerous job opportunities for local as well as foreign workers apart from jobs in other sectors.
- Foreign Investment
Mega events like FIFA not only boost economic growth, but also attract foreign investments. With various planning ahead for the event, several foreign companies are involved in different projects. For instance, the German National Railways, Deutsche Bahn AG has been given the contract for building a 320 km metro system in Doha. Many foreign investors, businessmen, medium sized companies and stock companies are planning to enter into profitable deals with the country in order to reap the benefits arising out of FIFA 2022 and be a part of the overall development.
- Non-financial benefits
Along with the financial benefits, the event promotes intercultural, cultural, political and social values. Such events are witnessed by tourists from various parts of the world. Hosting the mega event will boost the global presence of the country, attracting more foreign players and top talent from the world.
As the entire world keeps an eye on the FIFA World Cup 2022, Qatar is all set to leverage the benefits for job creation and economic development. On the other hand, this is the time when job seekers can look for maximum job opportunities in the country.
