QFC has leveraged its position as a key institution in Qatar’s financial landscape to help bolster the local business scene, taking important steps towards realising its 2022 strategic growth plan.
Yousuf Mohamed Al-Jaida, Board Member and Chief Executive Officer
Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, exhibited steady growth during the first half of 2021 despite the ongoing COVID-19 disruption, with the number of registered firms on the platform witnessing 32% increase since H1 2020.
A total of 136 firms from several countries launched their businesses in Qatar by registering on the QFC platform during the first half of this year. The firms, mainly originating from UK, Canada, India, Lebanon, and Qatar, represent key sectors including digital, financial services, and sports, continuing to bolster Qatar’s increasingly flourishing economic landscape.
Mirroring the accelerated digitalisation in Qatar, 26% of the newly registered firms offer digital business solutions, 10% fintech innovations, and 6% offer disruptive solutions to the country’s growing sports sector.
In an effort to pave the way for the development of a more vibrant and sustainable business ecosystem to allow global investors to tap into Qatar’s market, QFC signed 10 Memoranda of Understanding with leading organisations in Qatar and other markets.
These include agreements with Labuan International Business and Financial Centre, Institute of Chartered Accountants of India, Moscow Innovation Cluster Fund, Internet Initiatives Development Fund, QR Sports, Business Russia, Qatar Russia Investment and Trade Advisory, Roscongress Foundation, Qatar Central Securities Depository, and Qatar Museums.
Commenting on QFC’s progress in the first half of the year, Yousuf Mohamed Al-Jaida, Board Member and Chief Executive Officer, QFC said:
“QFC’s steady growth mirrors the resilience and economic strength Qatar has shown in the first half of the year, particularly as the global economy seeks a sustainable and inclusive recovery. QFC has leveraged its position as a key institution in Qatar’s financial landscape to help bolster the local business scene, taking important steps towards realising its 2022 strategic growth plan.
With a far-reaching commitment to highlight the increasingly diverse business opportunities in Qatar, QFC actively engaged leading local and international organisations by holding 23 interactive events. These events provided insights to international firms on how to navigate the Qatar market, areas of disruptive innovation in Qatar’s economy, and the opportunities surfacing in the country as it continues to witness strong recovery and growth signals.
As the world prepares for an economic recovery in the coming period, QFC continued to take active part in the global conversation by attending the inaugural Qatar Economic Forum (QEF) and the 24th St. Petersburg International Economic Forum (SPIEF 2021).
With Qatar expecting to experience substantial economic growth this year, QFC continues to receive increasing interest from global businesses expanding to Qatar and the wider region. More than 1,100 firms have so far been registered on the platform, surpassing QFC’s target of registering 1,000 active firms by 2022, a major step in diversifying key economic sectors, including digital, financial services, sports, and media.