Community Newsletter

The latest market trends, news updates and our latest events. All what you missed from the previous month and more.

CEO Foreword

I am pleased to share another update on our accomplishments during the past month.

We have continued to get good reports about the State of Qatar’s economy for the first quarter of the year and optimistic projections of the country’s economic outlook for 2021 and the coming years. Foreign perceptions of Qatar’s financial situation remain upbeat and Qatar’s account balance will bounce back to 7.1 per cent this year and 7.9 per cent in 2022, with the Planning and Statistics Authority recording a robust 19 per cent growth year-on-year in the first quarter. With Qatar’s vaccination programme picking up pace, we surely are staying in a steady path toward economic recovery.

Our activities in May demonstrated our steadfast commitment to helping build a knowledge-based, sustainable, and inclusive economy for Qatar by capitalising on opportunities emerging from the current global economic state and building partnerships to maximise our impact.

We continued to engage local and international business communities through our special webinar series, highlighting the many business opportunities emerging in Qatar driven by COVID-19 and the approaching FIFA World Cup 2022, and sharing insights on how to capitalise on these opportunities in light of the foreseen recovery phase.

We hosted “Fast Forward: Sustainable Finance and the Green Economy” to discuss sustainability from a financial perspective and its essential role in the future of Qatar’s economy. In “Tech Talk x Opportunities in Insurtech,” we explored opportunities in insurtech and the challenges in the traditional insurance supply chain.

We also hosted the Economists’ Roundtable this month and tackled critical issues that need to be incorporated in recovery plans for a sustainable post-COVID-19 future.

We look forward to continuing to grow our QFC community both in the number of firms and activities.

Yousuf Mohamed Al-Jaida

Chief Executive Officer, Qatar Financial Centre

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COVID-19 Status in Qatar

As part of the Ministry of Public Health’s COVID-19 Vaccination Programme, more than 2.7 million COVID-19 vaccine doses have been administered since the start of the programme.

More Information about the Vaccination Programme >

The Ministry of Public Health (MoPH) has announced quarantine exemption criteria for GCC citizens, their families and household employees arriving in Qatar and who have received COVID-19 vaccination in one of the GCC countries. The new criteria, which came into effect on Friday, May 7, will apply provided the vaccines received by these individuals outside Qatar are included on the list of vaccines approved by the MoPH in Qatar.

More Information about the Quarantine Exemption >

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)

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Bloomberg Economics

Qatar and two other GCC neighbours – Saudi Arabia and UAE – are performing better than the rest of the Middle East, Central and Eastern Europe, and Latin America in vaccine response, says Bloomberg Economics.

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FocusEconomics

Qatar’s fiscal balance will scale up to 3 per cent of the GDP in 2025 from 1.4 per cent this year, FocusEconomics has said in a report. On the other hand, the country’s public debt (as a percentage of the GDP) will fall to 56.9 per cent of the GDP in 2025 from 63.3 per cent this year.

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Lloyds Bank

Qatar's current account balance is expected to bounce back to 7.1 per cent this year and 7.9 per cent in 2022 from -3.4 per cent of GDP in 2020, a Lloyds Bank update has shown.

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Dun & Bradstreet

Higher oil prices, which are up by more than one-third since the start of 2021, will narrow Qatar’s fiscal deficit to around 0.4 per cent of GDP, reducing its need for external financing, Dun & Bradstreet has said in its short-term economic outlook.

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(IIF) Institute of International Finance

Foreign perceptions of Qatar’s financial situation remain "upbeat" in view of the strong demand for its bonds and the non-resident capital inflow will remain "high" around $21 billion this year, according to the Washington-based Institute of International Finance.

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Welcome to the QFC Community

We are proud to welcome 17 new firms to the QFC platform in April 2021.
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Behind The Business

Behind Islamic Finance

Don’t miss out on our Latest episode of Behind the Business!

We are interviewing Dr Dlalal Aassouli, about the newest trends in Islamic Finance: Green

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Business News Highlights

Qatar banking system remains resilient on flexible QCB regulations: IIF

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Qatar’s new property laws boost residential investments

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QSE listed firms' net profit jumps more than 30 per cent year-on-year to QR10.93bn in Q1

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Qatar sailing smooth to become vibrant maritime hub

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Qatar aims for 25 per cent electric public transport by 2022: USQBC

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NFE project set to drive GIS growth: Report

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Non-resident deposits in commercial banks outpace overall deposits growth in March: QCB

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Qatar-UK trade up, reaches £7bn in 2020, says envoy

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Qatar-India trade amounts to $8.7bn in 2020: MoCI

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The new strategy aims at effectively addressing growing challenges that migrants face. Guided by the 2030 Agenda for Sustainable Development, the Global Compact for Safe, Orderly and Regular Migration, and Agenda 2063 of the African Union Commission, the strategy prioritises three key pillars – resilience, mobility, and governance – for 2020 to 2024, in line with the implementation of IOM’s 2019-2023 Strategic Vision. The Strategy also reflects how the organisation will navigate years to effectively address the growing complex challenges and uncertainties in the fields of migration, mobility, and humanitarian aid and to seize the opportunities that migration can offer to both migrants and society.

Partnering with Qatar Foundation on implementation of Global Compact for Migration

On April 22, 2021, IOM Mission in Doha, Qatar organised an online session dedicated to the Global Compact for Safe, Orderly, and Regular Migration, the first-ever UN global agreement on international migration adopted in 2018. The online session, held for Qatar Foundation, was attended by the senior faculty members of different higher education institutions, and representatives from various units and departments of the Foundation.

During the event, thematic areas and selected objectives of the Global Compact for Migration were discussed. Besides, tangible ideas on possible ways of improving mutual cooperation between IOM and the Qatar Foundation have been proposed and discussed as well.

In Kuwait IOM partners with the private sector to promote fair and ethical recruitment

On 22-24 April 2021 IOM Mission in Kuwait held an online event designed for participants from the hospitality sector to introduce IOM’s International Recruitment Integrity System (IRIS) initiative that promotes fair and ethical recruitment of migrant workers. The relevant issues such as labour migration processes, migrant vulnerabilities, and cases for ethical recruitment have been discussed in depth throughout the event. The special emphasis was placed on the substantial advantages of implementing ethical recruitment in the hospitality sectors.