2020: Yet another successful year despite unprecedented conditions

The year of 2020 brimmed with enormous challenges ushered by the COVID-19 pandemic, which did not only cause a global health crisis but also an economic slowdown worldwide. Despite the global economic disruption, QFC saw significant growth in 2020 and demonstrated resilience to navigate extreme economic times, turning these unprecedented conditions into another successful year.

QFC concluded 2020 on a high note, achieving 78.4% increase in the number of registered firms compared to 2019, as it welcomed 364 new firms to its platform. Boosting business continuity in light of the restrictions on physical activities, QFC adopted a comprehensive digital engagement strategy by transitioning its events onto virtual platforms, launching several programmes in the process including the QFC Tech Talks and #AccessQatar Webcast Series. 2020 also witnessed the launch of QFC's inaugural QFC Ambassador Roundtable.

QFC continued to collaborate with leading organisations in Germany, US, Poland, Austria, Malaysia, and other countries through hosting and supporting high-level outreach events. A series of engaging virtual events were held in partnership with many leading local and global organisations including the US-Qatar Business Council, Advantage Austria, Investment Promotion Agency of Qatar, Bloomberg, World Alliance of International Financial Centers, and Malaysian External Trade Development Corporation. QFC continued to embark on new partnerships with industry leaders such as Qatar Financial Markets Authority (QFMA) and Hamad Bin Khalifa University by signing strategic Memoranda of Understanding to pave the way for long-term collaboration in advancing Qatar's business landscape.

Last year saw the introduction of QFC's new regulations for international law firms and representative offices to set up on the platform and join Qatar's flourishing market. QFC also announced its readiness to offer aircraft leasing and financing and welcomed Maggi Aviation Capital to establish its regional office on the platform and make significant contributions to the development of this specialist global sector in Doha and the long-term goal of a local centre of excellence and opportunities.

Evidenced by many global indicators, Qatar prepares to witness modest economic growth in the coming years. Both the World Bank and International Monetary Fund foresee positive economic growth for Qatar in 2021 and beyond. This has largely been driven by Qatar's robust economic stimulus measures as well as the plethora of business opportunities arising out of the pandemic, making the country a destination of choice for international businesses.

2020 was a transformational year. The outbreak of the COVID-19 pandemic created a new normal to all facets of life, particularly to the way business is conducted. It has brought extraordinary challenges, forcing us to adopt a new way of life, rethink work dynamics, and redefine social interactions.

I invite you to revisit 2020 through our annual review and find encouragement in what we have accomplished in the 12 months through sheer dedication and commitment to our mandate in advancing Qatar's economic development and diversification.

Despite the economic disruption, 2020 was a good year for QFC. We demonstrated tremendous resilience in a time of a global crisis. We learned to adapt to overcome unprecedented situations and navigate a whole new way of working to stay sound, enabling us to make tangible achievements and record growth.

We started the year with a very promising outlook. Within the first quarter of 2020, we implemented our revised incorporation process, which streamlined the application steps for firms wishing to join our platform. By the end of that quarter, 109 firms were incorporated, which presented 136% increase compared to the same period in 2019.

In 2020, we also introduced new regulations, tax relief measures, and enhanced digitalised processes, driven by our overarching commitment to supporting business continuity and resilience. Some of the regulations introduced included a Policy Statement on Licensing New International Law Firms in Qatar and Representative Office rules.

We have proudly announced the readiness of our platform to host aircraft financing and leasing firms, representing a new growth frontier for the aviation industry. The second quarter of the year kick-started major adjustments in work dynamics in compliance with the State of Qatar's directives to help curb the spread of COVID-19. We also implemented business stimulus measures to help our firms adequately weather the crisis.

With the State's directives to socially distance in effect, we also moved our physical activities to digital platforms and developed innovative approaches to continue serving our clients. We launched the #AccessQatar: QFC Webcast Series, which represents a dynamic platform for engaging the wider local and international business community. A total of 27 webcasts were hosted by QFC in collaboration various local and international stakeholders, which saw over 4,000 attendees tuning in.

Last year saw the launch of the QFC Tech Talk Series, designed to engage Qatar's fintech community. The series aims to create opportunities for fintech firms, experts, and innovators from across Qatar's digital innovation ecosystem to share ideas, network and explore opportunities spanning different verticals.

Leveraging the digital platform, we remained consistent with our efforts to promote Qatar as a leading destination for global business expansion. The Business Trip series, produced in partnership with Bloomberg Media Studios, received the Silver Telly Award 2020. The digital series explored Qatar as one of the world's booming business markets and an ideal investment destination through interviews with prominent officials and experts from the Qatari business community.

We also virtually hosted the World Alliance of International Financial Centers (WAIFC) 2020 Annual General Meeting (AGM), which brought together 17 international financial centres to discuss the latest economic developments and trends, explore means of cooperation, and exchange expertise and knowledge. The event underscored considerable success in not only enabling WAIFC-member financial centres to exchange views and chart out an economic recovery plan, but also engage more than 1,500 attendees from around the globe. The event further emphasised the criticality of global cooperation among leading financial centres in times of crises, and their role in reigniting post-pandemic economic recovery.

2020 also marked our 15th year as a leading financial centre in the region, which is our greatest achievement since our inception. I am proud of our remarkable progress in serving as a gateway of choice for international firms venturing into Qatar by welcoming more than 1,100 firms to our platform thus far, surpassing our target of registering 1,000 active firms by 2022.

Our achievements last year against a challenging period continue to signify the resilience of our business model, our collective will to prosper, and our commitment to fostering a sustainable economy for Qatar.

The outbreak of COVID-19 has taken the world by storm, triggering not only a health crisis but also a global economic slowdown. The key differentiator among nations during the onslaught of the pandemic was how swiftly and prudently their governments responded to mitigating the pandemic's impact. Undoubtedly, Qatar has been at the forefront of countries that introduced bold measures and allocated stimulus packages to relieve the negative impact, while supporting its economy and private sector.

The State reacted swiftly, implementing strict containment measures and dispensing stimulus measures amounting to QAR 75 billion and QAR 3 billion for extending guarantees to local banks to minimise the health, social and economic impact of the pandemic. This speedy response, and Qatar's national capabilities, strategies, and progressive policies, have been integral in alleviating the challenges posed by COVID-19.

Similarly, QFC offered its own business support measures early in the pandemic, offering tax extensions and exemptions to provide relief to its firms. While governments and business communities exerted effort to maintain economic stability, the global crisis opened an array of opportunities particularly in the fintech sphere as people moved toward mobile payments and enhanced digital investment. Responding to this rising trend, QFC increased support to fintech firms wishing to establish presence in Qatar by offering an array of incentives and benefits.

To accelerate digital innovation and integrate the latest technologies into business operations in light of the changes brought about by the pandemic, QFC launched various initiatives to leverage virtual channels to help sustain engagement with its clients, partners, and the wider business community.

QFC considers op-eds an important tool to share its expert views with the business community. In 2020, QFC released a series of compelling thought leadership pieces by its industry expert members, including its executive team. The articles covered various topics deemed critical during the COVID-19 pandemic and included the below:

In 2019, QFC had expanded the focus of its social investment programme 'United for Good', under three focus areas – Financial Literacy & Youth Empowerment, Sustainability and Social Engagement. With the COVID-19 pandemic creating new and pressing needs in communities, in 2020, QFC continued to mobilise its CSR programme to create a positive impact amid the health and social crisis.