Business of Sport Bayern Munich and Qatar Airways end $50m sponsorship By Shane McGinley June 28, 2023, 12:10 PM Reuters/DDP Images/Star Images Bayern Munich and Hoffenheim players compete for the ball: AP estimated that the Bayern Munich and Qatar Airways sponsorship was worth $10.5 million per year Deal was estimated to be worth $10.5m a year Bayern fans were against renewal New Saudi carriers will shake up competition for such deals German football club Bayern Munich will not renew its five-year sponsorship deal with Qatar Airways after it expires this month. The decision was made by mutual consent, according to a joint statement issued on the club’s website on Wednesday. “The connections that FC Bayern has been able to forge with its fans in the Arab world through Qatar Airways will remain. Both partners have actively promoted an exchange between cultures,” the statement said. Qatar Airways may scrap first-class on long-haul flights Qatar Airways CEO plays down threat of competition Qatar Airways CEO calls for realism over net-zero targets Akbar Al Baker, group CEO of Qatar Airways said it had been “a fruitful partnership” with Bayern, during which the team won the 2019-20 Uefa Champions League and Fifa Club World Cup in Qatar. The sponsorship had been the subject of controversy at the German club, and fan groups actively campaigned for it not to be renewed after this month. “We continue to stand by our position that we’re absolutely against an extension of the sponsorship agreement,” Alexander Salzweger from fan group Club No. 12 told The Associated Press in January. AP estimated that the sponsorship was worth $10.5 million per year. The previous shirt sponsor was Doha Airport, Qatar Airways’ home base. Meanwhile, rival Gulf carrier Emirates continues to expand its football sponsorship network. The Dubai airline will sponsor a Tunisian sports club, as it seeks to increase its revenues in Africa. The Dubai-based airline, which sponsors English Premier League side Arsenal and Spanish giant Real Madrid, last week announced a new deal with Tunisian sports club Etoile Sportive du Sahel, as part of a bid to widen its exposure to the African market. John Grant, partner at Midas Aviation, told AGBI the launching of new major airlines in Saudi Arabia means sponsorship deals between Gulf carriers and football clubs were likely to become more competitive.
Economy Bahrain debt hits $48bn but analyst downplays spending fears Bahrain’s public debt has risen to almost BHD18 billion ($48 billion), according to its ministry of finance, but a banking expert has downplayed concerns over its spending. Bahrain, the smallest country in the GCC bloc of six with a population of almost 1.5 million people, has dwindling reserves of oil and gas. It is partially […] 49 mins ago
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] 55 mins ago
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] 1 hour ago
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] 2 hours ago
