Qatar Spends Big After World Cup
Qatar will host more international events in order to boost its economy, since the 2022 World Cup has ended. The event attracted over 1.4 million visitors. The luxury hotels that were built to host the 2022 World Cup have had to lay off hundreds of employees because they are unable to fill rooms worth thousands of dollars per night. As thousands of foreign workers have left the Gulf State after the World Cup, shopping malls are flooded with job applications.
Qatar’s economy is still healthy despite the post-World Cup gloom. It recorded a trade surplus in 2022 of almost $100 billion. Qatar’s economy, boosted by its natural-gas wealth, is expected to grow at 3.4 percent in 2023. This will be among the highest growth rates in the Middle East. Qatar invests in tourism, and hosts more major events for visitors.
Akbar al-Baker is the CEO of Qatar Airways. He said the country would welcome five million more visitors in 2019, more than double the number from pre-pandemic 2019 Qatar is preparing the ground for an horticultural exhibition that will run from October to December. The expo, Qatar hopes, will attract one million visitors. A new racetrack is being built to host the second Qatar Formula One Grand Prix on 8 October. Qatar will also host the 2027 Basketball World Cup, which will feature 24 nations. Prime Minister of Qatar is expected to announce a number of new economic initiatives. This will be in response to the growing competition coming from Saudi Arabia which has undertaken many reforms.