As the world's biggest sporting event closes, look at the multi-billion dollar legacy left behind in Doha.
This article appears in the July/August 2026 issue of Global Finance Magazine.
Three and a half years ago, the FIFA World Cup started in Doha, in a stadium inspired by a traditional Bedouin tent. The opening ceremony featured archival footage of Sheikh Hamad bin Khalifa Al Thani, the former ruler of Qatar, playing football in the desert, a reminder of how quickly the small Gulf state had changed over the past decades.
Today, Qatar is one of the richest countries in the world by GDP per capita. Its large natural gas reserves have made it a leader in the liquefied natural gas (LNG) industry and a major private investor. Hosting the world's most famous sporting event was a priority.
“What the world saw was not just a successful sporting event but the tangible result of decades of investment in infrastructure, communications, and institutional development,” said Yousef Mahmoud Al-Neama, chief business officer at Qatar National Bank (QNB) – the country's largest bank with assets of over $381 billion. “As a result, investor perceptions have changed. Qatar is increasingly viewed not only through the lens of its natural resources but as a diverse, globally connected economy with the will and ability to compete in many sectors.”
The 2022 World Cup was “Qatar's playing field,” added Sheikh Abdulrahman bin Fahad bin Faisal Al Thani, group CEO of Doha Bank. “What follows is the continued strengthening of Qatar's position around the world, which is reflected in the growing interest of investors, the improvement of international standards and the continued economic activity.”
The scale of the event was unprecedented. Qatar is reported to have spent an estimated $220 billion preparing for the tournament, making it the most expensive World Cup in history. If you look closely, the new stadiums cost only about 6.5 billion dollars: a fraction of the total amount spent. Much of the investment has gone into long-term infrastructure, such as the Doha Metro, the airport, and the development of roads and utilities, which continue to contribute to the country's hydrocarbon-free economy.
The financial returns, however, were small when measured in terms of direct income. According to Qatar's Government Communications Office, the tournament generated a direct profit of about $2.2 billion, and the long-term economic benefits should reach $2.7 billion by 2035. The International Monetary Fund (IMF) estimates that tourism spending by tourists and total broadcasting revenue related to the World Cup is between $2.3 billion and $4.1 billion, or about 1%.
International critics have accused Qatar of spending too much money on the event, but local banks view the investment the other way. Asked if they have seen a meaningful return on capital deployed before 2022, Al Thani is unequivocal.
“The short answer is yes, and the numbers support it. Qatar's banking industry entered the World Cup from a position of strength and came out of it stronger,” Al Thani said. He mentioned that the total assets of the listed banks in Qatar grew to $645 billion in 2025 from $554 billion in 2022 and the net profit increased to $8.1 billion from $7.2 billion in the same period.
“What is important is not just the rate of this growth but its consistency. Assets and profits that have stabilized over a full four-year period show that growth is real and sustainable. The capital deployed before 2022 has not only worked. It is building the infrastructure for a permanent, highly diverse, and digitally competent economy.”
Although the World Cup has accelerated diversification, fossil fuels remain the backbone of Qatar's economy, accounting for 85% of exports. They are also central to its future growth strategy, driven by the expansion of the Northern Field, the vast offshore reserves it shares with Iran, which are set to increase LNG production from 77 million to 142 million metric tons per year.
However, conflicts in the Middle East have disrupted those plans. Following Iranian strikes on the Ras Laffan LNG facilities in March, QatarEnergy, the state-owned oil company, announced a one-year delay in the project. In April, the IMF predicted an 8.6% contraction in 2026 GDP: a dramatic reversal from its previous estimates, which predicted growth of more than 5% from this year onwards.
Outside of Traditional Hotels
Hospitality was among the sectors most transformed by the 2022 World Cup. More than a million tourists visited Doha for the games: an unusual influx for a country of less than 3 million people. To accommodate them, Qatar looked beyond traditional hotels. Local investors were encouraged to build the houses, which the government leased and then handed over to French tourism group Accor, the world's sixth largest company, to manage.
Alaaeddine Saleh, former managing director of Accor in Qatar, oversaw the conversion of 370 residential buildings into 67,000 hotel rooms. After the competition, the apartments were returned to their owners. “It was a brilliant idea and a big challenge, but the Qataris had the courage to do it, and we wanted to succeed with them.”
The planning requirements were enormous. To furnish the rooms, Accor imported 950 containers of equipment, from towels and linens to kitchenware. Reception and laundry facilities had to be set up. Building 13,000 employees was another challenge.
Amid international scrutiny over working conditions, the World Cup prompted a major change in Qatar's labor laws. In 2018, the country introduced a minimum wage, limited working hours, and established a fund to settle unpaid wages. It also eased restrictions on labor mobility and created labor courts.
Tourism has become a pillar of economic diversification. By 2025, Qatar received 5.1 million international visitors, an increase of 3.7% from last year, with a target of 6 million by 2030.
Financial Sector Reform
The World Cup also left its mark on the country's financial sector, pushing banks to modernize their products and services.
“In payments, the competition has accelerated expectations for a seamless, digital, and high-value infrastructure,” said QNB's Al-Neama. “That momentum continues today as Qatar develops digital banking, fintech, open banking, and the ability to pay without cash.”
The Qatar Central Bank has supported the transition to digital through initiatives such as the Qatar Fintech Hub and regulations, including a 2024 framework for licensing digital banks. At the time, 94% of the country's population was banking online, according to Switzerland Global Enterprise. Digital payments are expected to reach $50 billion in 2028, up from $30 billion in 2022, according to the Qatar Development Bank.
The Iran war sent shockwaves through many industries, including banking. Nevertheless, the Qatari financial sector remains strong, supported by strong buffers and strong capital. For financial institutions, this situation presents both challenges and opportunities. “On the other hand, regional uncertainty has increased the importance of strong balance sheets, a diversified financial base, strong risk management, and cross-border connectivity,” Al-Neama said. “On the other hand, it increases the demand for financial services that support economic transformation: transaction banking, trade finance, supply chain finance, treasury solutions, infrastructure financing, and capital markets work.” He sees these developments underscoring the need for a more integrated GCC, with a common vision for investment in supply chains, food and energy, and digital infrastructure.
So far, the country's banks have weathered the recent Gulf war well. Nevertheless, rating agencies continue to flag Qatari lenders' exposure to real estate and reliance on foreign financing as structural risks. At the end of last year, non-resident assets accounted for 45% of the banking sector's total funding, leaving banks vulnerable to liquidity pressures if foreign investors decide to withdraw.
While the full economic benefits of Qatar's World Cup gambling may take years to measure, the 2022 tournament marked a turning point. The infrastructure and reputation we helped build has strengthened the country's ability to navigate today's realities, leaving behind a history that extends beyond the last whistle.
Chloe Domat is a contributing writer covering the Middle East and North Africa.
