Gulf Times
FIFA World Cup to have favourable economic impact over the next 12 months: QFC
CEO Foreword
Dear Colleagues,
November is a historic month for Qatar as it hosts the FIFA World Cup Qatar 2022TM, the tournament’s first visit to the Middle East. The sporting event has been a boon to the economy from the time the host country was announced in 2010. Now that the games are here, the spotlight on Qatar is even brighter.
For the Qatar Financial Centre (QFC), the tournament is an excellent opportunity to build relationships and network within an informal atmosphere. On the field, we have hosted key stakeholders from Qatar and from across the globe at the QFC Match Private Suite and QFC Match Business Lounge in Al Bayt Stadium to showcase our hospitality. Each day, for the duration of the tournament, select QFC employees will share this space with our special guests to enjoy FIFA World Cup 2022TM matches side by side. Here at our base, we set up a viewing space in the QFC Master Hall to bring the tournament to all our employees.
Off the field on our business side, this month, the QFC has made another strategic step toward promoting innovation. We signed a Memorandum of Understanding (MoU) with Google Cloud to further develop Qatar’s tech ecosystem and encourage cloud technology adoption within the business community across sectors.
With regards to engagement, we took part in the ninth edition of the Middle East Family Office Investment Summit in the United Arab Emirates, where our Deputy CEO and Chief Business Officer, Sheikha Alanoud bint Hamad Al-Thani, gave a speech about “The Bright Future of Qatar’s Economy”. Internally, we organised a webinar on tax compliance to keep our firms abreast with QFC tax policies.
This month, we also launched the revamped Staff Portal, which gives users a better browsing experience and access to an exclusive club interface.
I am pleased to mention here that our Deputy CEO and Chief Legal Officer, Nasser Al Taweel, has once again been listed on the Legal 500, a global research and publishing company that has been analysing the capabilities of law firms in over 150 jurisdictions for over the past three decades. This recognition is also an honour for the QFC.
I look forward to highlighting more exciting QFC activities in our subsequent newsletter. In the meantime, I wish everyone a memorable FIFA World Cup 2022TM month.
Sincerely,
QFC News Highlights
Qatar & Global Insights Hub
Local Business News Highlights
FIFA World Cup 2022 expected to create $10 billion in FDI for US firms
FIFA World Cup 2022 expected to create $10 billion in FDI for US firmsS&P upgrades Qatar's credit rating on shrinking debt burden
S&P upgrades Qatar's credit rating on shrinking debt burdenQatar fiscal surplus at 8.8 per cent this year and in 2023: Oxford Economics
Qatar fiscal surplus at 8.8 per cent this year and in 2023: Oxford EconomicsQatar’s hospitality market to reach $54.6 billion by 2030
Qatar’s hospitality market to reach $54.6 billion by 2030Qatar’s capex to average QR55 billion per annum over next five years: Moody’s
Qatar’s capex to average QR55 billion per annum over next five years: Moody’sQatar’s GDP forecasts rapid growth in Q4
Qatar’s GDP forecasts rapid growth in Q4Qatar's export unit value index soars 32.38 per cent year-on-year in Q3: PSA
Qatar's export unit value index soars 32.38 per cent year-on-year in Q3: PSAQatar occupies advanced positions in international and regional top rankings in GovTech Maturity Index 2022
Qatar occupies advanced positions in international and regional top rankings in GovTech Maturity Index 2022Qatar registers trade surplus of QR25.1 billion in October 2022: PSA
Qatar registers trade surplus of QR25.1 billion in October 2022: PSAPrivate sector exports rise 24.4 per cent to QR26 billion in first nine months of 2022: Qatar Chamber
Private sector exports rise 24.4 per cent to QR26 billion in first nine months of 2022: Qatar ChamberQatar to supply Germany with LNG under long-term gas deal with ConocoPhillips
Qatar to supply Germany with LNG under long-term gas deal with ConocoPhillipsInternational Business News Highlights
GCC tourism to grow 10-fold post World Cup
GCC tourism to grow 10-fold post World CupEmerging Asia 'set to become Gulf region’s biggest trading partner by 2028'
Emerging Asia 'set to become Gulf region’s biggest trading partner by 2028'Saudi Arabia commits $2.5 billion to Middle East green initiative: Crown Prince
Saudi Arabia commits $2.5 billion to Middle East green initiative: Crown PrinceGlobal annual green financing demands set to reach $3 trillion by 2030: G20 official
Global annual green financing demands set to reach $3 trillion by 2030: G20 officialMENA startups raised $646 million in October
MENA startups raised $646 million in OctoberTrade quarrels set to cost battered global economy a further $1.3 trillion
Trade quarrels set to cost battered global economy a further $1.3 trillionEurope to be hit hardest in global slowdown -OECD
Europe to be hit hardest in global slowdown -OECDUAE economy to grow more than 6% in 2022, IMF says
UAE economy to grow more than 6% in 2022, IMF saysMarket Trends
Oxford Economics
Qatar’s inflation will moderate to 2.1 per cent in 2023 from 4.3 per cent this year, researcher Oxford Economics has said in a report. The country’s fiscal balance has been forecast at 9 per cent of GDP this year and 9.3 per cent in 2023.
Oxford Economics
Institute of International Finance (IIF)
Capital inflows into the MENAP region will remain modest in 2023 with foreign direct investment (FDI) becoming the main conduit for non-resident capital inflows. In Qatar, a new FDI law allows full foreign ownership in manufacturing and nonfinancial services.
Institute of International Finance (IIF)
Invesco
India has emerged as the second most coveted investment market after the United States for sovereign wealth funds and public pensions funds in 2022, according to the Invesco Global Sovereign Asset Management Study. Among developing nations, India has overtaken China as the most popular emerging market, having climbed to number two in 2022 from ninth in 2014.
Invesco
World Trade Report
The WTO’s flagship publication, released at the 27th United Nations Climate Change Conference (COP27), suggests that eliminating tariffs and reducing non-tariff measures on a subset of energy-related environmental goods could boost exports by 5 per cent by 2030, while the resulting increases in energy efficiency and renewable uptake would reduce global emissions by 0.6 per cent.
World Trade Report