Sunday, December 19, 2010

Qatar Invests Big in World Cup, Economic Makeover

Qatar is expecting to spend more than $65 billion preparing to host the 2022 World Cup. That investment, however, is aimed more at remaking the country's economy and international position than hosting the tournament.

Qatar will build nine stadiums and refurbish three more and plans to equip each with solar-powered air conditioning to fight temperatures that approach 50 degrees Celsius (122 Fahrenheit) in the summer. The sheikdom promised FIFA, world soccer’s governing body, to more than double hotel and apartment rooms to 84,000 and build a $25 billion rail and metro network. South Africa said it spent about $11.4 billion preparing for the 2010 World Cup, or about $232 per person.

“The event is a catalyst for the development and the expansion of the economy and population overall,” said Mark Proudly, associate director at property adviser DTZ Research in Doha.

Qatar Places $65 Billion Bet on Remaking Economy in World Cup Preparation
December 16, 2010