The Finance World Magazine| Edition: August 2023

The success of the Qatar World Cup has solidified
the MENA region’s status as a leading destination for
international sports events.
The UAE recently unveiled its
comprehensive National Sport
Strategy 2031, which aims
to establish guidelines for
funding elite athletes, increase sports
participation, and develop the sports
industry. Under the leadership of Dr.
Ahmad Belhoul Al Falasi, Minister of
Education and Chairman of the General
Authority of Sports, the strategy
focuses on talent supervision, athlete
development, and support for sports
federations and elite athletes. With
the upcoming Paris Olympics in 2024,
the UAE is committed to nurturing its
athletes and achieving global success.
As part of the national sport strategy,
the UAE has launched the Emirates Committee
for Elite and High-Level Sports,
a significant initiative responsible for
supporting and implementing strategic
programs. The committee prioritizes
talent development, funding support,
and preparation for elite athletes.
Furthermore, 22 gifted Emirati athletes
have been selected to participate in the
Professional Elite Programme, aimed
at enhancing their chances of success
at the Paris 2024 Olympics.
The MENA region recognizes the
economic potential of sports and is
actively leveraging it for development.
Hosting major sporting events like
the FIFA World Cup and Expo 2020
Dubai stimulates tourism, trade, and
job creation. The success of the Qatar
World Cup has solidified the region’s
status as a leading destination for international
sports events. Large-scale
sporting events bring people together,
promote economic growth, and build
infrastructure. The UAE, with its strong
economy and visa reforms, is poised
to capitalize on the economic benefits
of the sports industry.
To support its sports ambitions, the
MENA region boasts world-class facilities
and infrastructure. From the Bahrain
International Circuit hosting Formula
1 races to the Hamdan Sports Complex
in Dubai, the region offers top-level
training and competition venues. These
facilities attract international athletes
and teams for warm-weather training
camps, contributing to the growth of
the wellness and healthcare sectors.
The region’s commitment to developing
state-of-the-art sports facilities
positions it as a preferred destination
for athletes and sports enthusiasts.
Sports in the MENA region are not
limited to professional competitions.
The governments in the region prioritize
mass participation in sports and
encourage grassroots development.
Regulatory bodies and organized events
create opportunities for residents, including
young people, to experience the
physical and mental benefits of sports.
By fostering a competitive climate and
promoting fitness, the MENA region
cultivates a strong sporting culture that
supports the well-being of its citizens.
Beyond the UAE, other Countries
are also actively expanding their involvement
in the world of professional
sports. Notably, Qatar’s ownership of
Paris Saint Germain (PSG) and Saudi
Arabia’s recent purchase of Newcastle
United demonstrate their commitment to
the sports industry. These investments
not only bring international attention
to the region but also enhance the
competitiveness of Gulf-based teams
in global competitions. The success of
the Qatar World Cup in 2022, with its
record attendance levels and impressive
performances, further solidifies the
MENA region’s position as a premier
destination for major sporting events.
The rise of sports in the MENA region
presents exciting opportunities for
entrepreneurship and tourism. With
an increasing number of international
sporting events, there is a growing
demand for services and infrastructure
to support athletes, teams, and spectators.
This includes accommodation,
transportation, dining, and entertainment
options. Entrepreneurs can tap
into this demand by offering tailored
travel packages, event management
services, and sports-related businesses.
The influx of tourists and the growth
of the sports sector contribute to job
creation and economic development.
The MENA region, spearheaded by
countries like the UAE, is harnessing
the power of major sporting events
to drive social and economic growth.
The national sport strategies, transformative
initiatives, and world-class
facilities are paving the way for success
in international competitions. As the
region continues to invest in sports
and host prestigious events, it creates
business opportunities in various sectors,
including tourism, infrastructure
development, and healthcare. The
MENA region’s commitment to sports
as a catalyst for progress ensures a
promising future for the industry and
the region as a whole.
August 2023 www.thefinanceworld.com 83