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Qatar investing in sports sector ahead of 2022 Fifa World Cup

Qatar is hoping to lure about $20bn (€18bn) in investment for  sports sector ahead of the 2022 World Cup, according to a Reuters report.

According to the report, Qatar Financial Center (QFC) hopes to license about 150 companies in the sports sector by the kickoff of the World Cup in 2022.

QFC’s chief executive Yousuf Al-Jaida  spoke at an event Sunday to kick off the initiative.

“We’re looking at sports service companies, legal companies, education and training, sportswear and equipment… it’s a detailed cluster of sports companies catering to 2022,” Al-Jaida said.

Qatar is competing most notably with nearby Dubai for companies in the sports and financial sectors. Dubai, a member emirate of the UAE along with Saudi Arabia, Egypt and Bahrain, launched an economic blockade of Qatar in 2017. Qatar is using its favorable geography and need to diversify its economy as incentive to lure sporting events and companies to the nation.