Shaping the Future of Sports Innovation
Thursday, May 25, 2023
As Qatar attracts sports entrepreneurs and global talent, the spotlight is on long-term return on investment
In November 2022, Qatar’s $6.5 billion investment in a major soccer tournament placed the region under a global spotlight. With record spectator attendance and worldwide audience viewing figures, the megaevent created a halo effect for Qatar and the Middle East and North African sports sector. With Qatari officials preparing to host and invest in future global events, what does the region’s burgeoning sports sector offer businesses and long-term investors?
The answer points to Qatar’s dynamic entrepreneurial scene. The Global Entrepreneurship Monitor National Entrepreneurship Content Index 2022 named the country one of the top 10 worldwide destination for startups, and it is this innovative climate that is driving economic growth in sports and technology—specifically in gaming, enhanced sports fan experience or XP, and health tech.
Gaming: high demand and growth
According to a report, the global games market value is expected to exceed revenues of $504 billion by 2030. Another report reveals that MENA is one the fastest-growing games sectors in the world—an expected CAGR of 19% until 2025, attracting 87 million gamers by 2026. It will soon be on par with esports giants across the Asia-Pacific region. Thanks to public and private investment and world-leading 5G adoption, Qatar is proving to be a major sector catalyst.
Entrepreneurs in the space are discovering a Qatari ecosystem that offers funding, access to a global network and investment to support international growth. Quest Esports is a pioneering games-tournaments organizer, athlete training academy and content producer. After Quest established its headquarters in Doha in 2019, the company rapidly expanded its operations by launching training bootcamps in Turkey and Riyadh. The firm also partners with Qatar Esports Federation, and world-leading telecoms and technology brands to host cutting-edge online and offline tournaments that attract millions of worldwide players—while generating millions of U.S. dollars.
CEO Elie Honain says, “Quest is already making a significant social and economic impact. Domestic appetite for gaming is huge—thanks to government and brand support, we’ve quickly scaled to meet demand. This has enabled us to launch a national league, host VR tournaments and coach the next generation of world-class players.”
There is a reason why Quest chooses to operate out of Qatar: Not only does the country have the largest and fastest-growing segment of young people (more than 50% of the population is age 20-39), but Qatar’s infrastructure and geography are key to Quest’s success. Mr. Honain explains, “Qatar bridges East and West, which makes it easy to connect to global investors, brand partners and attract a worldwide community of gamers.”