IPL 2020 set to boost UAE economy by $24.5 million? Analysts give telling prediction

The cricket season in the United Arab Emirates got underway recently with the Emirates D10 League. However, the country is now gearing up for the biggest sporting event which will be played in the coming weeks, i.e. the Indian Premier League (IPL 2020). The IPL 2020, which was originally scheduled to be played in India in March this year, was postponed due to the rising number of COVID-19 cases in the country. The BCCI, in the end, decided to move the IPL 2020 to the UAE.

Also Read: CSK 'can't Wait To See' MS Dhoni Smile Like In This Picture, See Pic

UAE sectors likely to be boosted from organizing IPL 2020

According to a recent report in Khaleej Times, the upcoming IPL 2020 tournament will not only boost UAE's key sectors which includes travel, tourism, hospitality and logistics but also give confidence among those looking to organise and attend mega-events in the future. According to the report, analysts have estimated that the IPL 2020 will contribute around AED 80-90 million ($24.5 million) to the nation's economy.

Also Read: IPL 2020: Shane Watson Reveals Reason Behind Picking CSK Over Rajasthan Royals

IPL 2020: Loss in revenue for BCCI and franchisees

According to the report, the Board of Control for Cricket in India (BCCI) is set to take a hit in terms of sponsorship revenue. The report states that while the BCCI raked in around ₹6 billion last year; this year, the board is targeting total revenue of around ₹3-₹ 3.5 billion from sponsorship.

Also Read: Steve Smith's IPL Salary Till Date ₹5.4 Cr Lesser Than Virat Kohli's RCB Salary Since 2018

While speaking to the publication, Devesh Mamtani, chief market strategist at Century Financial, said that franchises will have to almost let go off key sources of revenues, which include ticket and onsite merchandise sales as the tournament would mostly be played behind closed doors due to potential Coronavirus UAE cases. He further said that on the broadcasting side, UAE won't be able to earn much as global broadcasting rights have already been bagged by the likes of Sky Sports, BeIN Sports and Yupp TV.

Also Read: KKR Players Get Training Tips From Sprinter Donaldson

Mamtani further added that travel and tourism in Dubai will be a key beneficiary due to the IPL 2020. He said that logistical and transportation will help the UAE attract foreign direct investment into the country. He further added that Dream11, who are the title sponsors this season, is expected to invest around ₹2.2 billion this season and also various other sponsors are also likely to invest sizaeble chunks in order to make this event a success.

Sidharth Mehta, partner and head of BCRE at KPMG Lower Gulf, in his statement, said that said the UAE's hospitality sector, mainly in Dubai and Abu Dhabi will benefit from the mega event. He said that league matches will be held over approximately two months with each teams having dedicated hotels booked for the duration. He added that if authorities permit crowds in the stadium, cricket lovers from across the globe may come to the UAE to watch the live matches.

IPL 2020: Teams arrive in UAE for the cash-rich league 

All the eight franchises have finally arrived to Dubai for the upcoming IPL 2020 tournament. The IPL 2020 will begin from September 19 with the finals all set to take place on November 10. The matches in the tournament will be played across Dubai, Abu Dhabi and Sharjah.

Image credit: IPL Twitter handle