As the world's biggest sporting event closes, a look at the multi-billion dollar legacy left 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 kicked off in Doha, at a stadium inspired by a traditional Bedouin tent. The opening ceremony featured archival footage of young Sheikh Hamad bin Khalifa Al Thani, Qatar’s former emir, playing football in the desert, a reminder of how rapidly the tiny Gulf state had transformed over the past decades.
Today, Qatar is one of the richest countries in the world by GDP per capita. Its vast natural gas reserves have made it a leader in the liquefied natural gas (LNG) industry and a major sovereign investor. Hosting the world’s most popular sporting event was the cherry on top.
“What the world witnessed was not simply a successful sporting event but the visible outcome of decades of investment in infrastructure, connectivity, and institutional development,” said Yousef Mahmoud Al-Neama, group chief business officer at Qatar National Bank (QNB) — the country’s biggest bank with more than $381 billion in assets. “As a result, investor perceptions have evolved. Qatar is increasingly viewed not solely through the lens of its natural resources but as a diversified, globally connected economy with the ambition and capability to compete across multiple sectors.”
The 2022 World Cup was “an inflection point for Qatar,” added Sheikh Abdulrahman bin Fahad bin Faisal Al Thani, group CEO of Doha Bank. “What has followed is a steady strengthening of Qatar’s global position, marked by growing investor interest, improved international rankings, and sustained economic activity.”
The event’s scale was unprecedented. Qatar reportedly spent about $220 billion preparing for the tournament, making it by far the most expensive World Cup in history. Looking more closely, new stadiums cost only about $6.5 billion: a fraction of the total spend. The overwhelming majority of investment went to long-term infrastructure, such as the Doha Metro, the airport, and upgrades to roads and utilities, which continue to contribute to the country’s non-hydrocarbon economy.
The financial return, however, was modest when measured by direct revenues. According to Qatar’s Government Communications Office, the tournament generated about $2.2 billion in direct proceeds, and long-term economic gains should reach $2.7 billion by 2035. The International Monetary Fund (IMF) estimates that tourism spending by visitors and World Cup-related broadcasting revenue total between $2.3 billion and $4.1 billion, or roughly 1% of GDP.
International critics have accused Qatar of spending lavishly on the event, but local banks view the investment through a different lens. Asked whether they have seen a meaningful return on the capital deployed before 2022, Al Thani is unequivocal.
“The short answer is yes, and the numbers support it. Qatar’s banking sector entered the World Cup cycle from a position of strength and emerged from it stronger,” Al Thani said. He noted that total assets of Qatar-listed banks grew to $645 billion in 2025 from $554 billion in 2022 while net profits roseto $8.1 billion from $7.2 billion over the same period.
“What is significant is not just the scale of this growth but its consistency. Assets and profits that were sustained throughout the full four-year period show that the growth is real and durable. The capital deployed before 2022 was never purely transactional. It built the infrastructure for a permanently larger, more diversified, and more digitally capable economy.”
While the World Cup 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 North Field, the vast offshore reserves it shares with Iran, which are set to increase LNG output from 77 million to 142 million metric tonnes per annum.
The conflicts in the Middle East, however, have disrupted those plans. Following Iranian strikes on LNG facilities in Ras Laffan in March, QatarEnergy, the state-owned oil company, announced a one-year delay to the project. In April, the IMF predicted an 8.6% contraction in 2026 GDP: a staggering reversal from its earlier estimates, which projected growth of more than 5% from this year onward.
Beyond Traditional Hotels
Hospitality was among the sectors most transformed by the 2022 World Cup. More than 1 million visitors traveled to Doha for the games: an extraordinary influx for a country of fewer than 3 million people. To welcome them, Qatar looked beyond traditional hotels. Local investors were encouraged to build housing, which the government leased and then delegated to the French hospitality group Accor, the world’s sixth-largest hotel operator, to manage.
Alaaeddine Saleh, then Accor’s managing director in Qatar, oversaw the conversion of 370 residential buildings into 67,000 hotel-standard rooms. After the competition, the flats were returned to their owners. “It was a brilliant idea and a huge challenge, but the Qataris had the courage to do it, and we wanted to succeed with them.”
The logistical demands were immense. To prepare the rooms, Accor imported 950 containers of equipment, ranging from towels and linens to kitchenware. Temporary reception areas and laundry facilities also had to be set up. Building a workforce of 13,000 people was another challenge.
Amid international scrutiny of working conditions, the World Cup prompted a major shift in Qatar’s labor laws. In 2018, the country introduced a minimum wage, capped working hours, and established a fund to cover unpaid salaries. It also eased restrictions on job mobility and created labor courts.
Tourism has since become a pillar of economic diversification. In 2025, Qatar received 5.1 million international visitors, up 3.7% from the previous year, with a target of 6 million by 2030.
Financial Sector Transformation
The World Cup also left its mark on the country’s financial sector, pushing banks to modernize their products and services.
“In payments, the tournament accelerated expectations around seamless, digital, and high-volume transaction infrastructure,” said QNB’s Al-Neama. “That momentum continues today as Qatar advances digital banking, fintech, open banking, and cashless payment capabilities.”
The Qatar Central Bank has supported the transition to digital through initiatives such as the Qatar Fintech Hub and regulations, including the 2024 framework for licensing digital banks. By then, 94% of the country’s population was using online banking, according to Switzerland Global Enterprise. Digital payments are projected to reach $50 billion by 2028, up from $30 billion in 2022, according to Qatar Development Bank.
The Iran war sent shockwaves across industries, including banking. Still, the Qatari financial sector remains resilient, supported by strong buffers and robust capitalization. For financial institutions, this environment presents both challenges and opportunities. “On the one hand, regional uncertainty has increased the importance of strong balance sheets, diversified funding bases, robust risk management, and cross-border connectivity,” said Al-Neama. “On the other hand, it is accelerating demand for financial services that support economic transformation: transaction banking, trade finance, supply-chain finance, treasury solutions, infrastructure financing, and capital markets activity.” He sees these developments underscoring the need for a more integrated GCC, with a common vision for investment in supply chains, food and energy security, and digital infrastructure.
So far, the country’s banks have weathered the latest Gulf war relatively well. Still, rating agencies continue to flag Qatari lenders’ exposure to real estate and reliance on foreign funding as structural vulnerabilities. Late last year, nonresident assets accounted for 45% of total banking-sector funding, leaving banks potentially exposed to liquidity pressures if foreign depositors decide to withdraw.
While the full economic returns on Qatar’s World Cup gamble may take years to measure, the 2022 tournament marked a turning point. The infrastructure and reputation it helped build have strengthened the country’s ability to navigate today’s realities, leaving a legacy that extends beyond the final whistle.
Chloe Domat is a contributing writer covering the Middle East and North Africa.
