Why 2022 is a goldmine of opportunities
Much has changed for Mr. Khalid in 10 years. His one-office machinery supplying business now has offices in four countries in the Middle East. His prospects have never been better. And, he has Orry to thank for that. When Orry marched proudly for the Asian Games in 2006, he brought with him new skylines and opportunities for those hoping to make it big in Qatar. Khalid is no football fan, but he is excited about 2022. It's changing everywhere. The laws, the way of doing business—it's only forward from now.
Sport to Qatar is what Mickey Mouse is to Walt Disney. One can't do without the other. Over two decades, the country has hosted some significant sporting events, catapulting it onto a global platform. But the biggest prize till date will come its way in 2022 with the FIFA World Cup. So, what does the hosting rights to one of the most celebrated international events mean to Qatar? Opportunity.
The development promises to pave the way not only towards the development of sports in the Middle East, but more importantly, it holds the prospects that will create multiple avenues for business development in Qatar. Even though the World Cup is the focus of the hour, the news of the event has resulted in an outlet that touches every sector and industry of the country.
Scaling new heights in infrastructure investments
Unparalleled attention has been devoted to boosting the social, economic, human and environmental development in the country. Qatar has devoted itself to achieving the National Vision for 2030. The expenditure on Qatar’s infrastructural plans alone is estimated to touch over a $100 billion. The Ministry of Finance claims it is spending over $500 million each week on infrastructure. These investments are funded mostly by public-private partnerships and they have proposed the amendments in its laws on foreign investments, to allow investors to own equity stakes of up to 100 per cent. The result: world-class amenities, avenues for entertainment and public spaces that will welcome both the locals and visitors.
Ease of doing business, a priority
To create a level playing field for expats and foreign investors who contribute toward the growth of Qatar, new laws are in place to ensure there is no subjection to expropriation. For establishing a business entity in Qatar, you may qualify for exemption from customs duties, too. This is further proof that Qatar now strives to ensure the business environment is conducive to mutual growth and development of the country. The opportunities that arise with curbing of legal restrictions, along with the promotion of newer platforms for foreign businesses, are expected to generate long-term returns. With the level of expenditure estimated to be undertaken in building the infrastructure, the country is on route to receiving a makeover, one that will prove crucial for retaining the foreign investors, expats and their families post the World Cup.
Adherence to new regulations, a must
While the easing of the legislative measures is without a doubt a favourable step from the perspective of the foreign investors, it also means the investors need to acquaint and adhere to newer laws and regulations. To ensure that expats and foreign investors understand the extent of these regulatory changes, BBMS has a team of experts to counsel existing and new investors on this matter. These insights will help companies and individuals to not only exercise complete compliance of the new laws but also leverage business and legal opportunities in Qatar.
The World Cup in 2022 will not only change Qatar’s status as a pioneer in promoting the sport in the region but also elevate the brand of the country as a facilitator of a world-class event conducted with the best of amenities for its guests. While there is plenty that requires attention from the management’s point of view, the gap in its present state and its goal is an invitation for those that seek to leverage this opportunity to participate in Qatar’s growth journey.
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