After the World Cup in December 2022, thousands of foreign workers left Qatar, leaving behind empty luxury hotels and struggling businesses. The high room rates during the tournament could no longer be sustained, leading to hundreds of staff layoffs. The decline in business has been so significant that many shops and workshops have had to let staff go or close down. However, Qatar’s economy remains healthy due to its natural gas riches, and growth in 2023 is predicted to hit 3.4 percent.
Despite the challenges, Qatar is pushing for transformation and making investments in tourism and hosting more major events a focus. Qatar Airways CEO Akbar al-Baker predicts that the country will welcome more than five million visitors this year, more than twice the number in pre-pandemic 2019. The government is also making changes to labor and visa regulations to attract more talent and investment, as well as launching new economic initiatives in response to growing competition from neighboring Saudi Arabia.
Qatar is preparing for a six-month horticultural expo from October and a new race track to host the second Qatar Formula One grand prix on October 8. The country was also announced as the host of the 24-nation basketball World Cup in 2027, despite having no tradition in the sport. The Years of Culture series, launched a decade ago, has also become more popular, with more countries now wanting to participate. The government’s push for transformation and economic reforms is expected to make Qatar more attractive to businesses and skilled expatriates.
SOURCE: Ref-http://Doha (AFP)
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