Aspire Zone Foundation and Qatar Financial Centre Sign MoU to Establish Sports Business District

Doha, October 24 (QNA) - Aspire Zone Foundation (AZF) signed Wednesday a Memorandum of Understanding (MoU) with Qatar Financial Centre (QFC) to establish Qatar's Sports Business District (QSBD). The MoU was signed today by Chief Executive Officer of AZF Mohammed Khalifa Al Suwaidi and Chief Executive Officer, Qatar Financial Centre Yousuf Mohamed Al-Jaida. The MoU will see the QFC and AZF collaborate on numerous initiatives aimed at developing and promoting this industry, as well as an all-inclusive Sports Business District. The initiative is the first of its kind in the region. Its goal is to attract large sports-related multinationals, promote the setup of sustainable businesses and startups and facilitate the commercialization of sports-related products and services by offering unique incentives and service packages, which include QFC designated locations in the Sports Business District. Although Qatar's sports business development sector has witnessed a significant growth in the past few years, entrepreneurs and investors are facing a number of challenges to start-up development. This collaboration between AZF and the QFC will orchestrate efforts aimed at attracting large sports-related multinational corporations and will promote the setup of sustainable businesses to facilitate the commercialization of sports-related products and services in Qatar. 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. This partnership will see a number of other initiatives that focus on the long-term development and sustainability of a robust and highly competitive sports industry in Qatar, while positioning the country as one of the world's most dynamic sports hubs. Qatar's well-established sports sector is expected to reach US $20 billion by 2023. This growth comes as momentum continues to build in the lead up to the 2022 FIFA World Cup and beyond, as the country boasts a $200 billion investment programme to develop world-class facilities and services. Al Suwaidi commented on the occasion and said that "The establishment of the new QSBD is another example of AZFs significant contribution to help diversify Qatar's economy and transform the country into a favorable business destination for multiple sports related industries. 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." "This new initiative will support Qatar's National Vision 2030 and Aspires long-time mission of diversifying the country's economy by positioning Qatar as a regional sporting hub," he added. For his part, Al Jaida said that "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 utilize through this collaborative partnership." (QNA)