A report by the WTTC praises Qatar for its stable investment-friendly policies and forecasts that the country could receive over 6.24 million tourists in the year 2028 (Photo: India Outbound)
With the festivities surrounding the FIFA Football World Cup 2022 already beginning, the global sports and tourism attention is focused on the host nation Qatar and what it could mean for its tourism and hospitality industry.
A report by the World Travel and Tourism Council praises Qatar for its stable investment-friendly policies and forecasts that the country could receive over 6.24 million tourists in the year 2028, mainly propelled by Qatar’s focus on MICE, culture and sports.
WTTC says that the spending on tourism sector could reach Qatari Rial 102.7 billion (USD 28.2 billion), an increase of 9.1 pc annually until 2028. The report Qatar Economic and Commercial Activities Guide 2022 was launched by the Qatar Chamber in the presence of Minister of State and Chairman of the Board, Qatar Free Zones Authority Ahmad bin Mohammad Al Sayed and Chairman of the Qatar Chamber Sheikh Khalifa bin Jassim Al Thani.
The report says that the high income that provides high purchasing power enhances the appetite for domestic tourism while the exemption of citizens from 88 countries from entry visa into Qatar and the global best performance of the Qatar Airways and Hamad International Airport contribute to a vibrant tourism industry in Qatar.
Qatar would notch an economic return exceeding USD 7 billion through tourism from the World Cup which will contribute to achieve great momentum for the Qatari economy in the last quarter 2022, says the report, citing research by Capital Economics.
The report highlights the vast scope that Qatar offers to investors across a wide spectrum being known as a land for investment.
“The Qatari government has stepped up efforts to attract foreign investments by providing a host of incentives and facilities to global business owners in addition to setting up a department to coordinate between local and foreign investors and the government agencies,” says the report.
It adds that the officials are also working on developing a licensing system that will expedite the licensing process for tourism companies.
Qatar has provided a stable and conducive investment environment for foreign entities by investing USD 200 billion in infrastructure that supports tourism sector in projects such as the Hamad International Airport and Qatar Rail Project, the Qatar national museum, the report activity guide stated.
It also says that among the incentives offered by the government to global investors under the Foreign Investment Law is the allocation of land for business activities under long term lease contracts of up to 50 years and exemption from income tax for up to 10 years in certain sector and permission to import materials for investment project.
The report also points out that Qatar is ranked second in the Middle east and North Africa and 51st globally in the Travel and Tourism Competitiveness Report by the World Economic Forum which includes 140 countries which indicates that Qatar has topped 89 countries and has a thriving hospitality sector.
