With Qatar’s goal to develop a sports complex worth $20 billion for the 2022 FIFA World Cup in hopes of attracting investors to the Gulf state.
Qatar Financial Center has plans to provide licenses to about 150 foreign companies by 2022, will exempt them also from laws on local ownership. It has already started giving permits to 25 companies this year, as announced by CEO Yousuf Al-Jaida of QFC at the event, but he did not provide names.
Al-Jaida announced further, “The drive to attract sports-related multinationals and facilitate the commercialization of sports-related services in the state is part of plans to become a regional hub for sporting events in the run-up to Qatar’s hosting of the 2022 Soccer World Cup.”
Qatar will host this year the Athletics World Championships, a sporting event organized by the Association of Athletics Federations International.
QFC announced last year their plans to give new incentives such as seed capital and free office spaces to participating companies that will join the competition against neighboring Dubai.
Qatar is inviting foreign investors and wants to expand its gas-related economy but encountered a diplomatic protest launched by the UAE, Kingdom of Saudi Arabia, Egypt and Bahrain and Egypt 2017. These countries accuse Qatar of assisting terrorism, but Qatar denies it.
Al-Jaida said that QFC also has goals to attract companies in different sectors such as Islamic Finance, Fintech, and media as part of the plans to entice 1,000 companies across industries by the time Qatar hosts the 2022 World Cup.
Al-Jaida has also said, “We believe that due to the geopolitical situation some fascinating government-to-government relations have formed between Qatar and neighboring countries… (and) these can be target markets for companies wishing to do regional activities out of QFC.”