Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Qatar sports anti-corruption group lays off staff

Published 04/27/2017, 12:46 PM
Updated 04/27/2017, 12:50 PM
Qatar sports anti-corruption group lays off staff

By Tom Finn

DOHA (Reuters) - An anti-corruption sports watchdog funded by Qatar as part of its rapid rise as a destination for major sporting events, is laying off about a quarter of its staff in a rare case of the Gulf monarchy scaling back.

The International Center for Sports Security (ICSS), which campaigns on sporting security, safety and integrity, told 20 employees their jobs would go due to budget cuts, said a source who declined to be named as he was not authorized to speak publicly.

The ICSS said in an emailed statement: "The ICSS has restructured and is reorganizing and ... we can confirm that some staff will be affected. The roles that are affected will be distributed internationally across the ICSS Group."

Qatar, the world's largest liquefied natural gas exporter, has invested huge sums into sports, seeking to diversify and present a modern face to the world. As well as the 2022 soccer World Cup, Qatar will host the World Championships in Athletics in 2019 and is expected to bid for the 2028 summer Olympic Games, among other events.

But a nearly three-year slump in oil and gas prices has forced it to make budget cuts that have affected culture and arts projects but not yet made a dent on its sports ambitions.

Headed by a retired Qatari colonel, ICSS was founded in 2010, three months after Qatar won its bid to host the World Cup. With staff in Doha, London and New York, it employs 80 people and hosts conferences and funds studies.

It has an annual budget of $26 million, according to a report by PricewaterhouseCoopers, that is 70 percent provided by the government of Qatar.

Critics say it has a public perception problem because of investigations into allegations about how Qatar won the 2022 World Cup hosting rights. Qatar denies any wrongdoing.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.