Paris 2024 award to spark contracts race

AFTER an especially long, tortuous process, the International Olympic Committee is expected to award the 2024 Olympics to Paris on Wednesday with a vote in Lima.

Lone rival Los Angeles will get the 2028 games.

To celebrate the official selection as host, Paris is planning an open-air concert and live event near the Eiffel Tower. French companies are also feeling festive, eyeing the estimated €6.6bn the city expects will be spent to prepare the world’s biggest sporting event.

“It’s extremely positive,” said Martin Bouygues, CEO of Bouygues, the country’s second-biggest builder and a sponsor of the Paris bid. “The games are an opportunity to upgrade existing infrastructure and develop new ones.”

A total of $3.2bn will be invested in new sites, with most of the money coming from private sponsors, the IOC and tickets sales. A study commissioned by the city estimated the games could generate up to €10.7bn for the region and 247,000 jobs.

“The Olympic games is a project for all of society that pulls in all sectors,” said Paris Mayor Anne Hidalgo during an interview before the vote. “It will accelerate our move toward a greener, more inclusive economy.”

Ms Hidalgo brushed aside the spectre of decaying stadiums and abandoned installations in former host cities from Athens to Rio de Janeiro. Sitting in her vast, gilded office in the city’s historic town hall, she insisted France will create lasting benefits and will work with companies to ensure the games stay within the budget, which stands at less than half the cost of Rio and includes a €1.5bn contribution from the French state.

New sports and housing installations could boost activity for builders, including Bouygues, Vinci, Eiffage and Saint Gobain.