More than eight in 10 (82%) business leaders in Qatar believe perceptions of the country will improve after the World Cup.
The survey of executive decision-makers across the country’s largest firms, conducted by EY for its Qatar Investment Outlook Pulse, found the same proportion (82%) believed the economy would meet or exceed forecasts that GDP will grow by 4-6% over the next five years.
Oil and gas (64%) and consumer services (45%) were the sectors where most growth was expected, while more than half (55%) felt bearish about growth in the construction sector, “especially since most mega projects will be either complete or nearly complete in the coming months”.
“New mega projects however, such as the postponed Sharq Crossing, the planned airport expansion and the development of the Lusail City project may help alleviate some of the worries surrounding the sector’s prospects,” said the report.
More than half (55%) of those surveyed invested in projects specifically to capitalise on opportunities presented by the World Cup, with tourism, hospitality and property the biggest beneficiary (50%), followed by consumer services (38%), and transportation and trade (12%).
“Nearly 82% of interviewed executives believe that hosing the distinguished sports event would make a ‘strong’ to a ‘very strong’ impact in shifting the global perception of Qatar as a global tourism hub, ultimately resulting in improved tourism flows and spending,” said the report.
Four in 10 (45%) believed a future impact of the tournament would be a drop in property prices, due to decreased demand and a higher level of supply.
“It is worth nothing that if this correction takes place, it make present opportunities for other sectors to capitalise on lower rents and potentially cheaper labour when accommodation allowances follow suit,” said the report.
Meanwhile, a judge in France has begun an investigation into claims of mistreatment of workers on Vinci construction sites in Qatar.
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