24 July 2022, Doha – Qatar: The mid-year growth record of Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has revealed investor confidence in Qatar’s flourishing Digital sector. Among the 152 firms registered on the QFC platform during the first half of the year, 25 per cent comprised digital firms.
The relatively high percentage of newly registered digital companies on the platform reflects QFC’s focus on developing the sector. Similarly, finance, another QFC focus cluster, witnessed noticeable growth comprising 16 per cent of the overall number of firms that joined the company during the same period.
The half-year growth record also affirms QFC’s continued efforts to increase investment flow into the country and diversify the economy. A total of 48 countries were represented by the firms registered with the QFC from 1 January to 30 June 2022, mainly from the Middle East, Asia and Europe. They operate in different sectors, including media, sports, real estate, retail, logistics, health, education, and energy, besides digital and finance.
A notable success of the company in the first half of 2022 is introducing the first sustainable framework for Sukuk and bonds in the GCC. The QFC Sustainable Sukuk and Bonds Framework integrates globally accepted principles with Qatar’s environmental and social objectives expressed in the Qatar National Vision 2030. It promotes best in class practices within the capital market that lead to a sustainable economy.
QFC also saw essential developments in forging partnerships, having signed five Memoranda of Understanding (MoU) with prominent international organisations during the first half of the year, including Malaysia Digital Economy Corporation (MDEC), International Financial Services Centres Authority (IFSCA), Astana International Financial Centre Authority (AIFCA), Bayt.com and Founder Institute, Incorporated (FI). In addition, QFC signed a non-binding Letter of Intent with Atlas Merchant Capital to establish a global investment platform to provide liquidity to financial institutions and credit markets for resolving distressed assets.
As a thought leader in the economic and business spheres, QFC remained active in local and international events, including in high profile forums and conferences, such as the World Economic Forum Annual Meeting in Davos, Hannover Messe and Qatar Economic Forum. Notable international and local media outlets, including Financial Times, Bloomberg, Euronews, Headspring Executive, also featured the QFC and members of its management team, affirming QFC’s authority in discussions concerning Qatar’s economy and business ecosystem, as well as global economic trends.
In line with promoting Qatar as a highly promising investment destination in the Middle East and engaging the local and international business community in meaningful conversations, QFC hosted and attended 59 in-person and virtual events, including roundtables in Berlin and Munich. The events stimulated discussions on global economic developments, emerging trends and the countless opportunities present in Qatar, particularly for companies operating in the Finance, Digital, Sports and Media sectors.
Commenting on QFC’s progress, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: “Our achievement in the last six months demonstrates QFC’s commitment to Qatar’s economic diversification and reinforces the adoption of internationally recognised frameworks in doing business. This growth also mirrors Qatar’s economic strength and resilience as many more firms recognise our platform and the Qatari market as a global business hub and an ideal location to expand in the region.”
By the end of June 2022, QFC has registered over 1,500 firms, creating a more vibrant business environment, elevating skills, enriching knowledge, and driving economic growth.