QFC signs pact with FI to propel startup business environment in Qatar
CEO Foreword
Dear Colleagues,
Welcome to another update on our recent movements and progress in stimulating the local economy and creating bridges to markets across the globe.
As a global player in the economic sphere, QFC participated in the World Economic Forum Annual Meeting in Davos, where we were given the opportunity to speak about Qatar and QFC’s initiatives toward creating a sustainable future at a panel discussion entitled “Transitioning to a Green Middle East”. We shared our work in promoting sustainable finance and why it is critical in addressing the global climate crisis plaguing the world. We highlighted the QFC Sustainable Sukuk and Bonds Framework, the first in the GCC region to be launched which in time, will prove integral in the processing and issuance of these financial instruments in Qatar and the development of the local sustainable finance market.
The Framework demonstrates our commitment to the progress of the financial sector. Relatively, we organised a roundtable themed “Islamic FinTech - Challenges and Opportunities in 2022” in the UK, in collaboration with Elipses and Dinar Standard. The event, which tackled the challenges and opportunities in the Islamic FinTech sector, was an excellent platform to work with our partners and highlight growth areas in this rapidly expanding sector.
Our move to strengthen ties with other markets, enables us to do more for our firms and in turn strengthen Qatar’s economy. Accordingly, we signed a Memorandum of Understanding (MoU) with Astana International Financial Centre to foster joint projects that will spur activities in both international financial platforms and with the Founder Institute to propel the startup business environment in Qatar. A collaboration with these organisations, will become instrumental in advancing our objectives of raising FDI and diversifying Qatar’s economy.
Sincerely,
Qatar & Global Insights Hub
Local Business News Highlights
Amir of Qatar Says Achieving Global Energy Security Will Lead to Market Stability
Amir of Qatar Says Achieving Global Energy Security Will Lead to Market StabilityQatar ahead of GCC neighbours in food security, says OBG report
Qatar ahead of GCC neighbours in food security, says OBG reportQatar reclaims crown from U.S. as world’s top LNG exporter
Qatar reclaims crown from U.S. as world’s top LNG exporterQatar is first Arab country to host MENA research conference of world’s largest scientific society
Qatar is first Arab country to host MENA research conference of world’s largest scientific societyQatar’s startup ecosystem ‘making strides’ to expand and innovate: IPA Qatar
Qatar’s startup ecosystem ‘making strides’ to expand and innovate: IPA QatarQCB revises up interest rates by 0.25 per cent to 0.5 per cent
QCB revises up interest rates by 0.25 per cent to 0.5 per centQatar to invest $5 billion in Spain's EU-funded recovery, Emir says
Qatar to invest $5 billion in Spain's EU-funded recovery, Emir saysMore tech firms coming to Qatar: PwC official
More tech firms coming to Qatar: PwC officialQIC Group, Deloitte and Google Cloud to organise Mena’s first 'InsurTech Hackathon'
QIC Group, Deloitte and Google Cloud to organise Mena’s first 'InsurTech Hackathon'International Business News Highlights
GCC takes lead in ESG sukuk issuance, Saudi Arabia becomes largest market
GCC takes lead in ESG sukuk issuance, Saudi Arabia becomes largest marketGCC consulting market crosses $3 billion for first time on economic transformation push
GCC consulting market crosses $3 billion for first time on economic transformation pushValue of assets under management in the Middle East rose 52 per cent in last 3 years
Value of assets under management in the Middle East rose 52 per cent in last 3 yearsGlobal ESG assets to hit $50tr by 2025: PIF Governor
Global ESG assets to hit $50tr by 2025: PIF GovernorGlobal banks flee the monster SPAC market they helped create
Global banks flee the monster SPAC market they helped createUrgent action needed to ensure energy transition; World Economic Forum says
Urgent action needed to ensure energy transition; World Economic Forum saysEU cuts forecast for economic growth as war’s fallout widens
EU cuts forecast for economic growth as war’s fallout widensUS economy is slowing rapidly, with risks of recession rising
US economy is slowing rapidly, with risks of recession risingUN downgrades global economic growth outlook
UN downgrades global economic growth outlookSustainability Development Goals
Qatar’s Permanent Representative to the UN participates in first IMRF event
The President of the UN General Assembly hosted the first International Migration Review Forum (IMRF) at the United Nations Headquarters in New York on 17-20 May 2022. The aim was to review the progress made in implementing the Global Compact for Safe, Orderly and Regular Migration at the local, national, regional, and global levels.
The Permanent Representative of Qatar to the United Nations, HE Sheikha Alya Ahmed bin Saif Al-Thani, delivered a statement emphasising Qatar’s intention to continue its contributions and enhance cooperation in international migration. She also stressed Qatar’s keenness to continue its role as a vital and effective partner in international efforts to implement the vision and objectives of the Global Compact for Safe, Orderly and Regular Migration in accordance with the State’s national principles based on respect and promotion and protection of human rights.
The event resulted in the adoption of an agreed Progress Declaration.
IOM Qatar participated in the International Conference on Child Helplines in Doha
IOM Mission in Qatar participated in the International Conference on Child Helplines 2022, held in Qatar on 23-24 May 2022. The conference was organised by the Doha-based Protection and Social Rehabilitation Centre (AMAN), a part of the Qatar Foundation for Social Work (QFSW), to mobilise international and regional efforts for child helplines.
The event covered several topics, including the approach of AMAN to child protection, the challenges faced by child helplines at international and regional levels, emergency response mechanisms to help children in political crises, and the role of child helplines in achieving SDGs. The event also reviewed the most important international and regional practices and experiences, laws, regulations, policies, and other relevant topics. IOM Qatar delivered a speech on the organization's activities on migrant children and their protection.
Market Trends
Allianz Trade
Qatar’s exchange rate stability is expected to be maintained and price stability regained in 2022-2023, according to global trade. Allianz Trade “expect the peg (3.64 to the USD) to hold as the Qatar Central Bank has large foreign exchange reserves to support the currency.
Allianz Trade
Mordor Intelligence
Qatar’s luxury goods market, which has been valued at $1.84 billion and expected to grow at a healthy CAGR of 2.55 per cent in the forecast period 2019-2024, is regarded as the world’s fastest growing luxury market.
Mordor Intelligence
FocusEconomics
Qatar’s merchandise trade balance, which denotes the difference between exports of goods and imports of goods, may scale up to $83.7 billion in 2026. Merchandise trade balance this year will be $81.2 billion and $79.6 billion in 2023, $77.6 billion in 2024 and $78.9 billion in 2025.
FocusEconomics
Source Global Research
Qatar’s consulting market grew 16.6 per cent in 2021 to $321 million; second to Saudi Arabia in the GCC region. Qatar experienced a boost to its economy and public sector budget due to higher oil prices and a successful post-Covid reopening, which generated a surge in consulting demand across several sectors.
Source Global Research