QFC CEO Praises Qatar-German Business Relations
7 Sep 2018
The Qatar Financial Centre (QFC), one of the world's leading and fastest growing onshore business and financial centres, took part in the Qatar-German Business and Investment Forum which was held on 6-7 September 2018 in Berlin, Germany. Keynote speakers for this year's edition include the Amir of the State of Qatar H.H. Sheikh Tamim Bin Hamad Al Thani, German Chancellor Angela Merkel, and Governing Mayor of Berlin, Germany Michael Mueller.
Organised annually by the Qatari Businessmen Association (QBA) in cooperation with a variety of major economic capitals around the world, previous editions have been held in both Paris and New York.
This year's edition focused on the financial sector and economic security, investing in Germany, industrial development as a key to diversification in Doha and Berlin, as well as the intersection of education, tourism, and sports on the road to the 2022 FIFA World Cup Qatar™.
As part of the forum, the QFC CEO Yousuf Mohamed Al-Jaida highlighted the strong economic relationship that exists between Qatar and Germany during a panel discussion, entitled Financial Sector: a solid line of defence for economic security and project financing. The panel also comprised a line-up of highly esteemed speakers including Qatar's Minister of Finance H.E. Ali Shareef Al Emadi; Deutsche Bank CEO Christian Sewing, Qatar Investment Authority CEO H.E. Sheikh Abdullah bin Mohamed bin Saoud Al Thani, and CEO of Qatar National Bank Ali Al-Kuwari.
Qatar's extensive trade relations with Germany amounted to US$2.2 billion in 2017, with 7.5% of Qatar's total imports originating from Germany, making it Doha's 12-largest trading partner. Qatar has also invested US$25 billion in vital projects in numerous sectors across Germany, while there are currently 300 German firms operating in Qatar – a testament to the strength of the long-term, bilateral economic relationship between the two countries.
Partnering with German businesses has continued to flourish over the years, with 112 joint Qatar-German businesses with a capital of US$339 million.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority said: "Qatar and Germany have a far-reaching relationship that provides a great foundation for future growth. Partnering with German businesses has continued to flourish over the years, with 112 joint Qatar-German businesses with a capital of US$339 million. These are but a few examples of the longstanding, dynamic economic relationship that exists between Doha and Berlin."
Al-Jaida added: "The QFC's mandate of attracting increasing foreign direct investment is a natural starting point for further cooperation with German firms looking to gain entry into the growing Qatari economy. The QFC platform is already home to a number of key German firms such as Deutsche Bank and Rödl & Partner Middle East and we look forward to welcoming more in the future."
The QFC is an onshore jurisdiction, allowing companies to operate in and from Qatar within the QFC legal and tax environment. The QFC endeavours to promote Qatar as an attractive business destination. Companies that wish to establish a business in the QFC are guided throughout by a dedicated QFC relationship manager who assists in the process of obtaining a license and offers support in matters related to operating a business in Qatar. QFC firms enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries. In addition, the independent Employment Standards Office of the QFC embodies a unique Administrative Employment Dispute Resolution Centre accredited by the International Labour Organization (ILO), providing conciliation and adjudication services free of charge to help resolve workplace conflicts. The ESO is fully aligned with the Qatar National Vision 2030 and aspires to promote international best practices in the field of human capital.