Hosting of the FIFA World Cup in 2022 is likely to bring a one-time boost of QR6.43bn to Qatar’s Food & Beverage (F&B) sector, according to the latest Sector Analysis by the Middle East Credit Rating Agency (MERatings).
Citing the Food and Beverage Services Sector in Qatar 2018 study which was conducted by the Qatar Development Bank (QDB), MERatings said that hosting of the mega sporting event in 2022 will bring an estimated additional tourists of 3.1 million to the country with an average spending of QR288 per person per day spent on F&B for a stay ranging from three to eleven days.
In its Food and Beverage Services Sector in Qatar 2018 study, the QDB also said that the total revenue of F&B outlets in the country is estimated to increase to QR14.26bn in 2026 from QR6.99bn in 2016, at a Compound Annual Growth Rate (CAGR) of 7.4 percent. This growth is largely in line with the projected growth of the population and annual increase in tourist arrivals during this period.
The report added that 62 new upscale hotels, including a mix of four stars, five stars, and seven stars are scheduled to commence operations in Qatar by 2020. With each hotel likely to have an average of three F&B outlets, the report said 186 new F&B outlets could also be established in upscale hotels by 2020.
The study also said the eight stadiums expected to be commissioned by 2020 to host the Fifa World Cup 2022 will also serve as key locations for F&B outlets such as cafes, Quick Service Restaurants (QSRs), kiosks and mobile food trucks in particular.
Metro stations for the Doha Metro Project, which will open to the public by 2020 with 37 stations for its first phase and completed with 72 stations by 2026 will also serve as key locations for upcoming F&B outlets such as cafes, casual dining, QSRs, and cafeterias.
According to the study, fine dining segment in Qatar is estimated to grow to QR1.37bn by 2026 from QR675m in 2016. There were 142 fine dining outlets operating in Qatar, which accounted for 4.8 percent of the country’s total F&B outlets, the report added.
Source from: The Peninsula