(MENAFN- Gulf Times) Qatar gained global recognition among sports fans after winning the rights to host the 2022 FIFA World Cup in 2010. This was a historic moment for the country and an incredible achievement thanks to Qatar's wise leadership and global ambitions. While not everybody is a football fan, the World Cup is important to all in Qatar as it is much more than simply a procession of football matches it is part of a billion dollar business with Qatar taking centre stage.
As part of an active and healthy society, sport is firmly entrenched in the national agenda, detailed in the National Development Strategy, and celebrated each year with National Sport Day.
Moving away from the sports field, sport is a powerful tool for economic development and Qatar has been remarkably successful by emerging as an international hub for sports industries, for staging large sporting events and for sports tourism.
Given the size of Qatar's sports industry and the range of opportunities in sports-related industries for local private businesses were highlighted at the recent Sport Business Opportunities Forum organised by the Ministry of Economy and Commerce. The Ministry showcased 83 commercial and investment opportunities worth a staggering QR72bn over the next 7 years.
These include the construction of sports venues (QR30bn); sports venue operations and maintenance (QR5bn); sports events management (QR14bn); sporting goods and equipment (QR14bn); sport marketing projects (QR2.5bn); and other associated industries such as sports training, education, sports medicine, and collection and analysis of sports data.
Qatar's physical sports infrastructure is already impressive, naming the Aspire Zone facilities as just one example, and this is set to become truly world-class as the World Cup stadiums are due to be completed by 2020.
This, coupled with Qatar's ability to secure major sporting events such as handball, swimming, athletics, cycling, tennis and golf, means that Qatar has emerged as sports tourism destination, boosting Qatar's tourism sector and further diversifying the economy.
Whether sports fans like it or not, sport today is a big business. Under the wise leadership of His Highness the Emir Sheikh Tamim bin Hamad al-Thani, Qatar has successfully used the business of sport to both grow and diversify its economy, with the Qatari private sector playing a leading role here.
Sport is an integral part of the Qatar National Vision 2030, as its impact goes much further than recreation, and the economic benefits of Qatar's sports industry are set to increase dramatically as the World Cup approaches in 2022.
Dr Abdulaziz A al-Ghorairi is senior vice-president & group chief economist and head of asset management at Commercial Bank.
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