The Qatar Financial Centre (QFC) Authority has recorded an increase in the number of new firms after the economic blockade imposed on Qatar in June, a senior QFCA official has said.
This was on top of the 41% year-on-year increase in the new companies that have registered under the Qatar Financial Centre Regulatory Authority during the first six months of 2017, QFCA CEO Yousuf Mohamed al-Jaida told reporters yesterday on the sidelines of a special business and investment forum co-hosted by QFCA and the US embassy in Qatar.
Since June, al-Jaida said 90 new firms, mostly regional and multinational corporations, are now with the QFC. “A lot of the companies that are set up in the region, specifically in the Dubai Financial Centre have actually come back home, specifically Qatari companies,” he pointed out.
Al-Jaida said most of these international companies, mostly SPVs (special purpose vehicles) and holding companies, have experienced difficulties reaching the Qatari market since the siege.
“The economic blockade had become a barrier to entry with all the economic sanctions happening in the region, so a lot of these companies have actually set-up their presences here in Qatar,” he said.
Al-Jaida also said the “QFC is targeting its transfer to the new financial city by the second half of 2018, as it continues with its strategic plans of attracting more than a thousand companies, and creating more than 10,000 jobs by 2022.”
He said the QFC is also keen on forming new alliances with countries in the region to enable the centre to take a prominent role in the region and allow it to become another parallel hub to the current financial centres in the region.
Speaking at the forum, al-Jaida underscored the “strong” economic, social, educational, and political ties between Qatar and the US. He also said Qatar continues to work closely with public and private partners in the US in the fields of trade and investment.
“With the blockade imposed upon us…with unprecedented challenges comes unprecedented opportunities; I stand before you today to reiterate that Qatar and the QFC remain open for business,” al-Jaida said.
He added, “The current situation has only given incentives for our long-term strategy of pursuing economic diversification. If anything, these testing times brought us closer to our allies such as the US and have supported us as we push ahead with our global, diversifying economy and attracting FDI, aligned with the Qatar National Vision 2030.
“With this aim in mind, we will continue working with the US and our partners around the world to showcase the multi-billion dollar investment opportunities available in Qatar.”
Al-Jaida: QFC set to take a prominent role in the region.
PICTURE: Shemeer Rasheed
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