The world-renowned city, Aspire Zone Foundation(AZF), signed a Memorandum of Understandings(MoU) with the Qatar Financial Centre paving ways for the establishment of ‘Qatar’s Sports Business District’ (QSBD).
It will be first of its kind for the region to have an all-inclusive Sports Business District.
The MoU was signed yesterday by Mohammed Khalifa Al Suwaidi, Chief Executive Officer of AZF, and Yousuf Mohamed Al Jaida, Chief Executive Officer and Board Member of QFC Authorit ais to build a premier sports business cluster in Qatara and the Middle East.
As a part of the MoU, both QFC and AZF will collaborate a number of initiatives focused to develop and promote Sports Business District.
While developing the Sports Business District, the MoU will also try to attract big sports related multinational companies, startups and facilitate the commercialization of sports-related products and services by offering unique incentive and service packages including designated locations in the Sports Business District.
The well-groomed up sports sector of Qatar is expected to reach $2 billion by 2023. The growth attained momentum in the wake of 2022 FIFA World Cup scheduled to happen in Qatar in which the country cherishes a $200 Billion investment programme to develop world-class facilities and services.
Commenting on the agreement, Khalifa Al Suwaidi, Chief Executive Officer of AZF, said: “The establishment of the new QSBD is another example of AZF’s significant contribution to help diversify Qatar’s economy and transform the country into a favourable business destination for multiple sports related industries”.
He added that this new initiative will support Qatar’s National Vision 2030 and Aspire’s long-time mission of diversifying of the country’s economy by positioning Qatar as a regional sporting hub.
“This collaboration with QFC will see the creation of a ‘sports business cluster’, the first-of- its-kind in Qatar and the wider region, combining renowned local and international brands and under one roof,” he said.
The QFC will facilitate and enhance services provided to companies wishing to build on its platform, including simplifying the process for incorporation and offering post-licensing support.
“We are very honoured to partner with AZF to support the development on an extensive framework for the continued growth of Qatar’s thriving sports cluster. By attracting local and international businesses in sports, our mandate continues to focus on boosting foreign direct investment into the country, thereby supporting its progress towards self-sufficiency,” said Mohamed Al Jaida.
“The estimated size of the global sports industry surpassed the $1 trillion mark in 2017, so there are clearly many opportunities and sizeable potential for investments that we wish to fully utilise through this collaborative partnership,” he added.