Fast growing Qatar, which is hosting 2022 FIFA World Cup, has offered abundant opportunities to companies in the sports and events sectors, according to a top official of its financial centre.
“With the 2022 FIFA World Cup preparations in full swing, there is an abundance of business opportunities in the sports and events sectors,” Qatar Financial Centre (QFC) chief executive Yousuf Mohamed al-Jaida said.
Addressing some of the most influential international figures in football and leading members of the scientific community in London at the ‘ASPIRE4SPORT’, he said the National Vision 2030 places investment in sports as part of a multi-faceted strategy to ensure that Qatar’s economic development is diverse and sustainable.
The event, which is organised by Aspire Zone and sponsored by QFC, discussed the challenges and updates of sports training methodology worldwide.
Qatar is already home to triathlon company ‘TriDoha’, sports organisations including Qatar 2022 Local Organising Committee and ‘FansWorld 12’ and events companies such as ‘DMG Events’, ‘SwissOpen Air International’ and ‘AMCASIA’.
In preparation for the 2022 FIFA World Cup, Qatar has witnessed a huge boom in the construction sector resulting in a large number of infrastructure projects, including a $20bn investment in roads; $40bn in stadiums and an $8bn in a deep-water seaport.
The QFC – which is an onshore business and financial centre, providing a platform for regulated and non-regulated firms to do business in Qatar and in the Middle East and North Africa region – is eyeing to triple the assets (foreign direct investments) of more than 300 QFC registered, which now stands at QR75bn, to more than QR200bn.
The platform allows financial services activities such as banking, asset management, and insurance, reinsurance, and investment services. The QFC also offers its own legal, regulatory, tax and business environment, which allows 100% foreign ownership, 100% repatriation of profits, and levies a competitive rate of 10% corporate tax on locally sourced profits.