We are proud to welcome 19 new firms to the QFC platform in January 2021.
Community Newsletter
The latest market trends, news updates and our latest event. All what you missed from the previous month and more.
CEO Foreword
With a promising start to 2021, we continue to welcome new firms onto our platform, backed by Qatar’s thriving economic performance and positive outlook, and the QFC’s competitive incentives tailored to support the growth of firms. The newly registered companies reflect the continuous growth of the Qatari market and the competitive opportunities across many sectors led by digital and financial technology (fintech). This is in line with fintech and digital innovation becoming strategically important factors in shaping global economic recovery since the outbreak of the COVID-19 pandemic.
We recently launched the landmark ‘Qatar Fintech Report 2021’, which highlights the exceptional growth of global fintech investments by over US$34 billion in the last decade. The report also underscores Qatar’s significant developments in its fintech ecosystem, offering fintechs worldwide substantial opportunities domestically as an unsaturated market with ICT spending expected to reach US$9 billion by 2024, boosting the competitiveness of its market and strengthening its position to emerge as a leading fintech hub in the region. The report delves into the promising fintech growth across the MENA region, and showcases the competitiveness of the Qatari market as the preferred destination for digital entrepreneurs, innovators and fintechs. I’d like to invite you all to read the ‘Qatar’s Fintech 2021 Report’ in full for more insightful information.
In line with our overarching objective of strengthening our business engagements and connecting leading organisations and experts, we continue to engage with key stakeholders both locally and internationally, to promote Qatar’s thriving market, embark on new partnerships, and exchange our experience and knowledge. In this regard, the QFC hosted a sports-focused webinar, which highlighted to German firms the current and future sports tech projects and opportunities in Qatar. We have planned more such significant engagements over the coming weeks as part of the QFC’s #AccessQatar webcast series.
I am confident that as we move forward through 2021, we will count several achievements towards our 2022 target, and I look forward to sharing these updates with you.
Yousuf Mohamed Al-Jaida
Chief Executive Officer, Qatar Financial Centre
QFC's ‘Qatar Fintech Report 2021’ highlights promising Fintech growth opportunities in Qatar and the region
The Qatar Financial Centre (QFC) revealed its landmark ‘Qatar Fintech Report 2021’, in collaboration with Refinitiv, which provides a comprehensive overview on the global Fintech growth in 2020 and the remarkable developments of Qatar’s Fintech ecosystem.
Read the full report
Non-energy private sector growth re-accelerates in January
The latest Purchasing Managers’ Index™ (PMI™) survey data from Qatar Financial Centre and IHS Markit signalled a strengthening rate of expansion in the non-energy private sector economy in January. Growth rates for both business activity and new business accelerated notably during the month and were among the sharpest registered since the survey began in April 2017.
COVID-19 Status in Qatar
The Ministry of Public Health announced that fully vaccinated people are now exempt from quarantine requirements following travel abroad and following exposure to a COVID-19 positive case.
“To qualify for quarantine exemption, 14 days must have passed after receiving the second dose and a negative PCR test is required on return to Qatar following travel or following exposure. The quarantine exemption is valid for a period of three months, starting 14 days after the second dose, and this may be extended in the future with the availability of more clinical evidence. The exemption does not currently apply to people vaccinated in other countries,” explained Dr. Abdullatif Al Khal, Chair of the National Health Strategic Group on COVID-19 and Head of Infectious Diseases at Hamad Medical Corporation.
Given the rapidly evolving situation, kindly follow the official communications channels and make sure that you are not misled by fake news or information circulated by non-credible sources or unofficial platforms.
- Government Communications Office (@GCOQatar)
- Ministry of Public Health (@MOPHQatar)
- Ministry of Interior (@MOIQatar)
- Ministry of Industry and Commerce (@MOCIQatar)
- Ministry of Defence (@MOD_Qatar)
- Qatar Media Corporation English website (www.covid19qatar.info)
Market Trends
UNCTAD Business-to-Consumer (B2C) E-commerce Index
Qatar’s economy is likely to witness strong recovery next year as International Monetary Fund (IMF) has projected Qatar’s GDP growth of 2.7 per cent in 2021.
Moody’s Investors Service
The international credit rating agency Moody's has affirmed the 'A2' long-term issuer rating of Ooredoo, as well as the 'A2' backed senior unsecured ratings on Ooredoo International Finance and the ‘(P)A2’ backed senior unsecured medium-term note programme rating under Ooredoo Tamweel.
Capital Intelligence Ratings
Capital Intelligence Ratings (CI) has affirmed the long-term foreign currency rating (LT FCR) and long-term local currency rating (LT LCR) of Qatar at ‘AA-’.
Brand Finance Global 500 report
QNB Group has continued to be the most valuable brand in the MEA region with a brand value worth $6.107 billion.
Oakla
Qatar was named the world leader in mobile internet speeds by global speed test experts Ookla in their December 2020 rankings.
Welcome to the QFC Community
QFC Digital Thought-Leadership Series: #AccessQatar
In line with QFC’s webcast series entitled: ‘#AccessQatar: QFC Webcast Series’, QFC continues to cover the latest trends and developments across a number of industries and topics including Qatar’s economy, financial services, FinTech, foreign direct investment, digital, and sports.
News Highlights
Business News Highlights
UBS boosts Middle East expansion drive with new Qatari hub
Qatar top country for expats in Middle East
Qatar aims to be world’s biggest LNG producer for next 20 years
Nakilat posts its 'highest ever' net profit of QR1.16bn in 2020
Qatar, Rwanda sign double tax avoidance agreement
Qatar-UK Bilateral trade at nearly $3bn in 2020
QNB Group announced as Official Middle East and Africa Supporter and Official Qatari Bank of FIFA World Cup 2022™
Sustainability Development Goals
IOM Qatar organised a virtual workshop with Qatar Fund for Development (QFFD) to set a platform for facilitating collaboration in the field of international development and humanitarian assistance, as well as exchanging experiences and identifying initiatives and joint projects.
IOM Qatar has provided a virtual training for officials representing all members of the national Committee for Combating Human Trafficking to build their capacity on principles of counter-trafficking victim identification and protection.
IOM Regional Office Cairo organised an informal dialogue with resident coordinators on the global compact for safe, orderly and regular migration and its regional review in the Arab region. The dialogue was opened by the IOM Director General and the Regional Directors of DCO for the Arab States. It was followed by a session on the GCM and the UN Networks in the region as well as the upcoming regional review. The dialogue was concluded by IOM Regional Director and DCO Regional Director for Africa. The discussions touched upon myriad topics including the significant impact that COVID-19 has had on migration and mobility.
IOM and the United Nations Economic and Social Commission for Western Asia (UNESCWA) organised a dialogue with Inter-State Consultation Mechanisms on the GCM Regional Review in the Arab Region. The dialogue aimed to provide an overview of the recent developments on migration governance especially at the regional level and highlighting the new structures in place for coordination on migration.
On the sidelines of the Global Forum on Migration and Development (GFMD), the IOM Regional Office in Cairo hosted the “Migration governance in the Arab region: trends, challenges and priorities for the future”, in collaboration with the League of Arab States (LAS) and UNESCWA. The event started with speeches provided by the Assistant Secretary General of the LAS, the IOM Regional Director and Cluster Leader of Gender Justice, Population and Inclusive Development at UNESCWA.