It is my pleasure sharing with you the latest news of the appointment of H.E. Mr. Ali Bin Ahmed Al-Kuwari, Minister of Commerce and Industry as the Chairman of Board of Directors (BoD) of the Qatar Financial Centre Authority (QFCA). In this capacity, H.E. will be leading the BoD for a period of three years, effective from 9 March 2021. The entire QFCA family is looking forward to having more years of success and record growth under His Excellency’s leadership. I’m confident that we will continue maintaining our growing support and strategic contribution to bolster Qatar’s economic development and diversification, especially with the current considerable uptick in the business activities.

 

Having said that, the QFC leads on a dynamic business engagement calendar, widening its network and strengthening ties across many international markets. Last month saw the hosting of key virtual outreach events, which aimed at introducing investors from Russia and the Kyrgyz Republic to Qatar’s emerging business opportunities, mainly in digital and sports sectors. Similarly, we held constructive talks with renowned ambassadors, including H.E. Ambassador of the Federal Republic of Germany, and H.E. Ambassador of Georgia, during which we explored new avenues of cooperation and partnerships. We have also officially announced the establishment of the French multinational bank Société Générale’s representative office on the QFC platform. In fact, our platform continues to expand as it has welcomed nearly 30 new firms last month, representing diverse business sectors, including digital and fintech, which hold significant growth potential.

 

Focusing on the thriving fintech ecosystem in Qatar, and with the latest declaration of Doha as the ‘Capital of Culture in the Islamic World 2021’, it is worth shedding light on the vast growth potential of Qatar’s Islamic fintech sector. According to the recently launched ‘Global Islamic Fintech Report 2021’, the Islamic fintech market size in Qatar is projected to grow at a compound annual growth rate (CAGR) of 19.6 per cent to reach $2 billion by 2025. It also showed that Qatar is among top 10 countries in the Global Islamic Fintech (GIFT) Index, having one of the most conducive ecosystems to the growth of the Islamic fintech market. Proudly, we maintain our leading role in advancing the fintech and Islamic fintech landscape in Qatar, as we offer a vast array of unique benefits and incentives, designed to support and cater to the needs of fintechs. This includes waiving the application fees and first-year annual registration fee, in addition to providing a shared rent-free workspace for a specific period of time. 

 

As COVID-19 vaccination campaigns are speeding up around the world and more positive economic projections are announced, I am confident that we will be concluding Q1 on a high and I look forward to sharing these updates with you soon.