Increase in New Business in the First Half of 2019
The newly registered companies hail from a diverse range of sectors spanning IT services, advisory and consulting, marketing and brand management, as well as engineering. Holding companies and foreign business councils were also registered with the QFC. In addition to Qatari firms, a great deal of new firms joining the QFC platform have come from Europe and India, and a number of firms have joined from the USA, Australia, Asia and the MENA region.
The QFC has experienced a rapid rise in the number of firms joining its platform. In addition, the QFC has seen a marked increase in international firms looking to establish their operations in Qatar and the region, which is a testament to the stability and attractiveness of Qatar's thriving economy.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC
We are pleased that such a significant number of global businesses have chosen the QFC to establish themselves in Qatar and are taking advantage of the wide range of incentives and frameworks offered by the QFC.
"As one of the world's fastest growing economies, Qatar offers an array of business opportunities in diverse service industries such as digital, media, sports, financial services and more. Qatar's economy is prospering and this upward trajectory is expected to continue well into the future. Over the next year, Qatar's growth is expected to rise to 2.6% from 1.6% in 2018.
The QFC plays an active role in developing Qatar's economy by attracting foreign investors to its business platform. We are honoured to be part of national efforts that help diversify Qatar's economy and I am confident that the second half of 2019 will be a bright and successful one for the QFC. We look forward to welcoming even more ambitious companies to the QFC and the State of Qatar."
According to the 2018 World Economic Forum Global Competitiveness Report, Qatar ranked first regionally in the Global Entrepreneurship Index. Furthermore, the World Bank's 2018 Gulf Economic Monitor ranked Qatar as first for year-on-year GDP growth in the GCC, making the country a prime business-friendly and investment destination for companies interested in setting up in the region.
Raed Al-Emadi, Chief Commercial Officer, QFC
We are proud that the QFC has crossed the threshold of 700 licensed firms, all of whom have benefited from our world-class services and streamlined registration process.