Qatari Diar unveiled plans to launch new real estate projects after the Qatar Football World Cup, improving the growth process of the real estate investment sector, which is witnessing a boom since implementing major projects and world cup-related projects in the country. In a select interview with Qatar News Agency (QNA), Qatari Diar Real Estate’s Chief Investment Officer Ahmad Mohammad Al Tayeb supposed that the real estate sector continues its momentum, helped by the retrieval of tourism, the substantial spending on economic sectors and other projects in the country.
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Concerning the advantages and amenities granted to the sector, he supposed that in conjunction with hosting the tournament, the state appreciatively provided direct support to the real estate sector such as inducement packages, and laws that allow non-Qataris to own real estate, rendering the Cabinet Resolution No (28) of 2020. At that time, it was announced that 25 areas would be allocated, where non-Qataris would be allowed to own land under the usufruct system, and nine other areas where free ownership would be permitted.
Regarding the Football World Cup’s contribution to refining the sector’s revenues and returns, Qatari Diar Real Estate’s Chief Investment noted the extraordinary rise in occupancy rates of real estate units, including hotels, considering the continued flow of fans wishing to attend the World Cup and its accompanying events, contributing to the recovery of the sector, and supporting its march. Football World cup associated infrastructure projects such as stadiums, road projects, metro, tunnels, bridges, and others also contributed to developing the sector. The real estate sector has benefited from the volume of this spending, expected over the past years to accumulate to QR730bn.
This spending also encouraged the private sector to enlarge in building hotels, residential units, and commercial and entertainment projects, helping to stimulate the building and reconstruction operations, leading to an upsurge in the number of real estate units and their occupancy rate, particularly after the state took the initiative to rent about 45,000 housing units for 5 years, which supported the sectors savers and boosted its revenues, he added.
Regarding the realism of the market, Al Tayeb drew attention to the conclusions of the report delivered by Cushman and Wakefield, a real estate referring company, confirming that the market is going through a huge boom, coinciding with economic developments and the steady upsurge in the number of residents, which supported the real estate sector significantly. The report monitored a large demand for renting housing real estate to Football World Cup visitors, during Q3 of 2022, which led to an increase in the rental value by 20-30 percent for apartments, and 5-10 percent for villas, considerably boosting investment returns, he noted.
Regarding the implications of raising the interest rate on the local market, Al Tayeb explained that what is happening in the global financial markets aims to reduce inflation. Its effect will be temporary on real estate investment since it relies on bank financing. This is a corrective period and will not exceed more than a year. After that, the sector will continue its expansion with the new real estate projects that will be announced after the end of the tournament, especially in the tourism sector, which is likely to grow four times over the coming years making its peak in 2030.
The volume of the company’s investments in the State of Qatar is estimated at QR50bn. Qatari Diar has implemented several projects including Lusail City, a smart city that embodies Qatar National Vision 2030, Qatar National Convention Centre, Sheraton Park, Al Legtaifiya Lagoon, and the commercial street in Abu Hamour. The company owns 50 investment projects under development in 22 countries globally, distributed between existing projects and others still in development in Europe, America, Asia, and Africa. The total investment value of these projects is $35bn.
The Qatar Football World Cup is a Win for GCC Cooperation
Just two years ago, Qatar was under a boycott by its immediate neighbours Saudi Arabia, the United Arab Emirates, and Bahrain as well as Egypt. Some of these countries pushed for Qatar to be stripped as the host of the Football World Cup or forced to share the event with its neighbours. The boycott ended in January 2021, and while Qatar is not sharing the hosting of FIFA World Cup matches, it is sharing the financial rewards of the tournament with its neighbours.
The emir of Qatar was joined by the Saudi crown prince, the crown prince of Kuwait, and the prime minister of the UAE at the Qatar Football World Cup opening ceremony, showcasing a sense of unity among the neighbouring states, and paving the way for further cooperation. UAE President Mohammed bin Zayed al-Nahyan made an official state visit on December 5, and the prime minister of Kuwait travelled to Doha to watch a match on December 6. More regional officials are likely to travel to Qatar before the final match on December 18.
Between 1.2 million and 1.5 million tourists are expected to travel to Doha by the end of the tournament. With its limited capacity for accommodations and entertainment as well as logistical challenges, Doha was bound to share some aspects of the Football World Cup with its neighbours even from the early planning stages. But because other countries were not part of the bid and could not host official FIFA World Cup matches, the neighbouring Gulf Cooperation Council states largely shunned proposals for large investment projects related to the event. The more than three-year GCC conflict did not help either. Additionally, diplomatic relations among some GCC states, particularly between Qatar and Bahrain, remain complicated, making any coordination on joint projects difficult.
Nevertheless, the Football World Cup has been an economic boon for the UAE and Saudi Arabia, and to a lesser extent Oman and Kuwait. Only Bahrain, due to a slower bilateral rapprochement, was unable to benefit from the cash inflow coming to the region. According to a November report by RedSeer Strategy Consultants, the FIFA World Cup was projected to provide a massive $4 billion uplift to GCC spending levels with increasing spending by tourists and locals. The GCC food services industry was expected to gain about $6 billion in additional online and in-person orders.
Taken together with elevated energy prices, it has been a good year for GCC economies, which are projected to grow 6.9% in 2022. The total economic output of the GCC states is expected to total $2 trillion by the end of the year, according to the World Bank. To enable fans to easily attend games in Doha, even if they are lodging in other cities around the region, Qatar Airways, Flydubai, Oman Air, Kuwait Airways, and Saudi Arabian Airlines are operating shuttle flights to and from Doha during the tournament. There are 66 daily flights from the UAE, 10 from Oman, 12 from Kuwait, and 29 from Saudi Arabia.
To ease the planning and arrival of tourists, Saudi Arabia, the UAE, and Oman have been offering multicentric visas linked to Qatar’s digital Hayya Card system, allowing anyone with a match ticket, as well as their companions, free movement among Qatar and these three countries. After the end of the first two weeks of the tournament, Qatar revealed that GCC citizens and residents would no longer need a Hayya Card to enter the country, permitting even more travel in the region.
The assistance of the visa process and the operation of shuttle flights in and out of Doha has not only helped Qatar avoid an accommodation munch but also made attending the Football World Cup more affordable for tourists who could elect to stay in a less expensive city than Doha during their time at the tournament. The UAE, with its ample hotel broadcasting and entertainment options, has been a popular base for followers. Football fans can book Argentina Football World Cup Tickets on our website at exclusively discounted prices.
The Dubai Sports Council projected that Dubai would welcome one million additional visitors while the soccer tournament. In Abu Dhabi, hotels have been getting a double advantage from sporting events, as the World Cup started when Formula One races ended in the city. Hotels in Dubai and Abu Dhabi are already reporting 100% occupancy. Over 150,000 people flew between Dubai and Doha in the first two weeks of the tournament. There are hundreds of cafes, restaurants, and bars challenging customers during matches. There are 51 designated zones in the UAE, such as the ones at Dubai Expo City and Abu Dhabi’s Yas Island, in addition to several official FIFA Fan Zones like Budweiser’s BudX in Dubai Harbor with a 10,000-person capability.
Saudi Arabia, too, has sought to take advantage of this year’s FIFA World Cup. Before donning a Qatar 2022 scarf at the stadium, Mohammed bin Salman absorbed all the Saudi ministries, authorities, and government agencies to deliver any additional support or facilities wanted by their colleagues in Qatar to support their efforts in hosting the Qatar Football World Cup. Saudi citizens have bought more Football World Cup tickets than any other nationality after Qatar and the United States.
This could be primarily ascribed to the fact that the Saudi national side was among the 32 teams playing in the group stage. Also, the nearness of the two countries is another factor Qatar shares its only land border with Saudi Arabia. Careem, the region’s ride-sharing platform, presented intercountry rides from Dammam and Al-Ahsa to Qatar. The Saudi Public Transport Authority has augmented the frequency of shuttle services to 55 buses between the Salwa and Abu Samra border crossing. Furthermore, Riyadh Season 2022 is coinciding with the Football World Cup, and 15 entertainment zones have been screening FIFA World Cup matches.
The Fan Festival zone at Mrsool Park, for example, accommodates 20,000 viewers. FIFA and Coca-Cola have been hosting an official FIFA Fan Festival event as well. Oman similarly took advantage of the festivities in Qatar, albeit on a smaller scale. Oman had planned to position Muscat as a satellite city to support Qatar’s World Cup attempts and attract fans looking for the ideal base to stay in and explore while attending the tournament. The sultanate is aiming to attract 300,000 tourists around the Football World Cup period, expecting an increase of more than 93 percent in international arrivals and more than 156 percent increase from the regional markets.
Kuwait, on the other hand, did not simplify the visa process for followers through the Hayya Card system. Despite several meetings with Qatari officials and deliberations inside Kuwait’s Council of Ministers, the government did not implement the tourism and hospitality projects it had set out for the tournament. With 12 return flights a day throughout the Football World Cup, some followers will likely travel to Kuwait as well, as many nationalities can obtain a visa on arrival at Kuwait International Airport.
That leaves Bahrain as the only GCC state missing out on the moment of unity and profits. There are no direct flights between Manama and Doha. The Bahraini government did not partake in the Hayya Card visa scheme, send an official delegation to the opening ceremony, or organize any events during the Football World Cup to attract tourists coming to the region. In the interval between the Al-Ula reconciliation and the FIFA World Cup, there has been little progress in regenerating full diplomatic and economic relations.
But even in Saudi Arabia and the UAE, many were wary of showing their support for Qatar before the tournament. Many followers waited to buy game tickets until they could see how the first days unfolded and whether others from their country were travelling to Doha with the blessing of leaders. After the first few days of the tournament passed with relative success, people around the region started to claim the FIFA World Cup as their own it became a GCC, Arab, and Middle Eastern event. Qatar came under scrutiny due to human rights issues, including the treatment of migrant workers and the LGBTQ+ community. But even this scrutiny seemed to bring the GCC countries closer together, as voices across the region came to Qatar’s defence.
This Football World Cup may also serve as a model for collaboration on other international megaevents slated for the region. Saudi Arabia is seeing making a joint bid to host the 2030 FIFA World Cup with Egypt and Greece. The Asian Cup will take place in the region with Qatar hosting in 2023 and Saudi Arabia in 2027. Doha is also looking to host the 2036 Summer Olympic Games. The Football World Cup has been an example of what regional collaboration can achieve, boosting both the region’s economy and diplomatic projects. Worldwide Tickets and Hospitality offers Football World Cup tickets for the Qatar Football World Cup at the best prices. Football fanatics and buy Football World Cup Tickets at exclusively discounted prices.
Qatar Football World Cup most sensational edition ever says UK minister
UK Minister of State for Investment Lord Dominic Johnson said that Qatar, its leadership, government, and people have proven the success achieved in the wonderful and exceptional organization of the Qatar Football World Cup, describing this edition as the most sensational Football World Cup I think we have ever had. In an interview with Qatar News Agency (QNA), the UK minister praised the technologies that Qatar has invented for the success of this tournament in terms of air conditioning in stadiums and sports facilities, modern building techniques, and crowd management techniques. He expressed happiness at having the opportunity to see the huge infrastructure projects put in place for the FIFA World Cup.
“I have seen the stadiums, the amazing ones built out of containers, for example. It’s just one of the examples of the astonishing sense of innovation,” he told.
It is not simply a question of hosting a football tournament and then it finishes. This gift that Qatar presented to the world can, in partnership with the UK, build on the legacy of the Football World Cup to prolong this wonderful event, long into the future by enhancing sports, cultural and technical cooperation between the two sides, Lord Johnson added. On Qatari-UK relations, the minister affirmed the strength and durability of relations between the two countries, especially in investment, energy, culture, and other vital fields.
In this regard, he commended the investment partnership between Qatar and Rolls-Royce in developing low-cost and low-carbon nuclear energy technology and producing electricity from clean energy. In response to a question about the contribution of Qatari investments to strengthening the UK economy, Lord Johnson noted Qatar’s assistance to the UK in protecting its Olympic legacy in 2012 by investing heavily in this field. There’s also, for example, Harrods, one of the largest buildings in the United Kingdom, and some buildings at Heathrow Airport Qatar have a large stake. There is already a good partnership between the two sides, and it is going very well, he told.
Regarding the investment sectors that represent a priority for his country, the UK has some strengths and emerging industries that it would like to invest in with Qatar, especially in clean energy, life sciences, tech technical skills, research, development, and innovations in the health field. Investment in these areas will greatly strengthen the economies of the two countries in the future, he said. Regarding the regulatory and legislative development witnessed by Qatar to attract foreign investments and develop the business environment, the UK minister praised the effective regulatory environment in the business sector and the State’s keenness to support small companies to achieve success.
He also lauded the strength of the national economy and the prosperity of Qatari companies in the insurance, engineering, property businesses, and other sectors. On British companies operating in Qatar, the minister said relations between the two countries stretch back decades, and there are 700 UK businesses registered in Qatar, many of which have contributed to infrastructure projects and preparations for hosting the Qatar Football World Cup. He pointed out that business between Qatar and the UK exceeds $8bn in imports and exports, which makes Qatar among the best trading partners for the UK. The British minister also expressed his admiration for the great development witnessed in the education sector in Qatar.
He praised the presence of many prestigious international universities in the country where the same distinguished educational programs and services provided by main campuses are offered to students locally. Regarding strategic dialogue and advancing partnership and cooperation in investment between the two countries, Lord Johnson emphasized the keenness of the two sides. He said a strategic dialogue will be held in the first quarter of next year in London, where discussions will focus on strengthening bilateral relations in investment, defence, energy, education, and other crucial sectors. He added it will also be an opportunity to assess other new areas of interest for investment to develop the partnership between the two countries.
On the role of the private sector in developing cooperation between the two countries, he stressed the importance of the private sector in promoting investment between Qatar and the UK. He pointed out that many Qatari investors have various investments in Britain in real estate, construction companies, engineering businesses, insurance, banking, finance, and other sectors. In the context of providing facilities to investors, a physical business mobility visa will be issued next year to facilitate the movement of investors and businessmen between Doha and London, the minister said pointing to the regular daily flights by Qatar Airways between Doha and many British airports.
On the possibility of holding a new edition of the Qatar-UK Business & Investment Forum, which was held in 2017, Lord Johnson affirmed his country’s keenness to enhance investment cooperation with Qatar and build on partnerships and strong relations linking Qatar and the United Kingdom. On the decision to cancel the visa requirement for Qatari citizens to enhance the movement of people and capital between the two countries, he said business mobility is very important, and there are huge numbers of Qataris who visit London regularly and vice versa.
The new system being put in place will facilitate that. He explained that the UK government was getting rid of the paperwork and bringing in a new electronic system that will enable free and easy travel between the two countries. The more digital transactions we can do between countries in terms of paperwork, the better, it makes everyone’s life much easier. It sets the tone, which is correct in encouraging our partnership, and it reduces cost.
On the movement of foreign investment in Britain after Brexit, the minister stressed the strength of his country’s economy, as the British economy occupies an advanced position in the investment sector at the European level as well as at the global level, He added the exit from the European Union has allowed his country to become a global superpower and be more proactive about global trade, which gives it independence in its trade relations.
He also noted the strong trade relationship between his country and the European Union states. He added: “I’m very encouraged by the position of the British economy at the moment. I think in relative terms, we are doing extremely well because we’ve come through a period of volatility. We now have a very strong and stable government. I am very optimistic about our ability to show the world that we continue to be an extremely stable and predictable market for investment.”
On the partnership between Qatar and the United Kingdom in the energy sector, Lord Johnson said we have a very strong energy partnership with Qatar, and I assume that will continue. Qatar is a very important part of our energy matrix and I look forward to that continuing.
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