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Gulf of wealth for North East business

NORTH EAST firms are being encouraged to look at business opportunities in the Gulf’s sports sector, which is tipped to be worth more than $USD 100 billion by 2022.

Following last week’s announcement that Qatar will host the 2022 FIFA World Cup, UK Trade & Investment is encouraging North East firms to look at business opportunities across the growing sports sector in the Gulf.

UK Trade & Investment’s report ‘Rising to the Challenge, Positioning UK Sport Business in the Gulf’ looks at the Gulf’s investment in major world-class sporting venues, linked to the continued economic strength of the region.

Across the region, there is a desire to develop elite and iconic sporting venues.

UK Trade & Investment Chief Executive Sir Andrew Cahn said: “The region’s vast array of sports projects offers a wealth of opportunities for British firms. UK companies have the expertise to deliver world-class sporting events from the bidding and planning stages to delivery and legacy.

“The Gulf region will be keen to build on Qatar’s World Cup success and UK Trade & Investment can help North East firms break into this potentially lucrative market.”

Over the past few years, the Gulf has hosted a number of junior sporting events including the FIFA Beach Soccer World Cup, ATP Tennis Tournament and World Indoor Athletics Championships.

Increasingly, it has played host to larger scale events such as the Abu Dhabi and Grand Prix Formula One.

These events have been a stepping stone to the bigger prize - the 2022 FIFA World Cup.

Author of the report and UK-MEA Sport Business Leader for ARUP Nic Merridew said: “As one of the world’s fastest growing economies, its ambition cannot be underestimated.

“Over the next five years, Qatar plans to spend $100 billion on infrastructure projects, including a $25 billion rail network and an $11 billion airport. An additional $20 billion will also be spent on building new roads.

“The Gulf offers a wealth of potential opportunities to North East business who are recognised leaders in the sports infrastructure sector.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .