QFC Management speak on the COVID-19 situation

6 May 2020

Doha, Qatar

Yousuf Mohamed Al-Jaida, Chief Executive Officer
“As the global public health crisis of COVID-19 continues to evolve, so too are financial and macroeconomic pressures. If there is anything time has shown us, however, it’s that with great adversity comes great opportunity. This has held true both in 2008 and 2017, and I’m confident that we will see new opportunities emerge in 2020 as we find ways to navigate this turbulent time.”
“This year, and this crisis, presents us with yet another chance to witness Qatar’s perseverance and ability to adapt and thrive amidst challenging circumstances. QFC, which stands firmly behind the wise leadership of His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar, is committed to supporting its firms during this critical time by mirroring national economic policies and offering its own business support measures to its firms. To that effect, QFC recently instated a set of support measures as part of its steadfast efforts to offer relief to its 900 plus firms. QFC will continue to support its firms and extend support to the State of Qatar to activate national initiatives and bolster Qatar’s private sector.”

Nasser Al-Taweel, Chief Legal Officer
“The speedy and proactive response of our government and our public and private sectors was an integral factor in addressing and alleviating the challenges posed by COVID-19.”
“While the measures recently taken by the State of Qatar’s Cabinet play a key role in our ability to overcome this crisis, Qatar’s strength during this time is owed in large part to its national capabilities, strategies and forward-thinking, progressive policies that have been introduced over the years. We are all confident Qatar will demonstrate its resilience and its ability to adapt to different circumstances, while at the same time overcoming challenges yet again.”


Raed Al-Emadi, Chief Commercial Officer
“Amidst the global concern surrounding COVID-19, and what the upcoming months will demonstrate, is how a business community can collectively react to effectively mitigate challenges in the face of hardship. QFC has always believed in forging close relationships with its clients, and this comes into play now more than ever as we work together with our firms to meet their needs, find a way forward, and ensure we’re as proactive as possible in the face of this crisis.”
“What crises have taught us in the past, for the QFC particularly, is that we are a sum of all our parts. As we navigate the impact of COVID-19, we will be utilising our resources to the fullest and activating new measures to ensure business continuity and the success of our firms.”


Hamed Al-Saadi, Chief Financial and Tax Officer
“Our nation has proven, over the years, its economic and social resilience in withstanding challenges and threats. The significant national measures, directives and economic stimulus, which were introduced to mitigate the negative impact of this unprecedented global circumstance, showcases our commitment and support to all investors to alleviate the financial challenges threatening their businesses.”
“Qatar’s financial and tax systems are founded on strong fundamentals that enable it to manage disruptive events and proactively tackle economic outbreaks while maintaining its healthy environment to ensure business continuity. QFC remains committed to providing competitive benefits including an attractive tax and business environment to ensure the ease of doing of business and maintain investors’ confidence and interest in Qatar.”


Sarah Al-Dorani, Chief Marketing and Corporate Communications Officer 
“Our readiness to tackle the impacts of COVID-19 in Qatar is a true testament of our country’s strength, resilience, and commitment to emerge stronger, especially as this crisis continues to evolve and pose new, unprecedented challenges. Crises are certainly defining moments where any organisation’s core values and mission are magnified, and as the gateway to foreign direct investment and business in Qatar, the QFC will continue to do its part in supporting its existing firms and attracting new ones to bolster the private sector.”
“Qatar’s business community has already demonstrated the power of collective action and measures to support the private sector. As we continue on this path, I encourage us all to also turn this challenge into an opportunity. The prospect of adopting more creative, digital-based business approaches in the future is a key example among many.”


Sheikha Alanoud Bint Hamad Al-Thani, Managing Director of Business Development 
“We are confident of both our current steps to ensure business continuity throughout the COVID-19 outbreak, and also of our future once the current pandemic recedes. We can all recall recent challenges Qatar and the QFC have faced and overcome where we have emerged stronger than before. Today, again, we all face an impact on our operations, but nevertheless are convinced of our platform’s and our country’s ability to not only weather but navigate the current storm successfully.” 
“While Qatar will of course witness the impacts of COVID-19, we have faith in the resilient Qatari economy which is well-equipped to navigate turbulent conditions and withstand challenges, as well as the QFC platform where firms are continuing to turn to us to expand their business in Qatar. In fact, we are very quickly approaching our 1,000 firm milestone which is nearly two years ahead of the target date.”


Henk Jan Hoogendoorn, Managing Director of Financial Sector Office
“Qatar continues to be at the forefront in taking key measures to bolster its economy and the private sector specifically. From an impressive stimulus package amounting to QAR 75bn, to extending guarantees to local banks worth QAR 3bn, and directing government funds to increase investments on the stock exchange by QAR 10bn, the government has taken great strides in mitigating economic risks associated with COVID-19.”
“In parallel, we’re seeing this crisis bear fruit in the Fintech sphere, where mobile payments and digital investments are emerging now more than ever as alternatives to cash, as well as remotely managing investments. As we move towards an increasingly digital society and economy, we at the QFC see a promising future for Fintech and continue to support Qatar Fintech Hub by facilitating Fintechs on the QFC platform and enabling access to the market in Qatar. There is an enormous potential to revolutionise traditional business in the Financial Sector and partner with innovative Fintechs for ease and continuity of doing business, particularly for SMEs and remittance payments during a crisis like this.”

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