Qatar Financial Center (QFC) has showcased QR161bn worth business opportunities before French and Spanish business houses as part of attracting more global investors and foreign direct investment, notwithstanding the 10-month economic blockade.
Senior officials from the QFC, one of the world’s leading and fastest-growing onshore business and financial centres, successfully concluded its roadshows where they had panel discussions, face-to-face consultations and networking events with professionals from French and Spanish corporations and private firms.
QFC highlighted as much as QR72.8bn investment opportunities in Qatar's sports and events markets until 2023, QR46.6bn in transportation, QR21.2bn in healthcare and QR20bn in tourism and culture.
"Over 120 French companies came to meet and hear from the QFC Authority (QFCA) at their roadshow in Paris, thus confirming and celebrating forty seven years of excellent Franco-Qatari relations. At this key moment in the history of Qatar, we hope more French companies set up their business in Qatar. Most sounded particularly keen and enthusiastic,” according to Dr Khalid bin Rashid Salem al-Mansouri, Ambassador of Qatar to France.
QFCA chief executive Yousuf Mohamed al-Jaida said despite the regional blockade, Qatar and the QFC are finding "challenges become opportunities" as he highlighted that 2017 was the fastest growth period for the QFC, with new firms joining the platform increasing by 66% year-on-year.
"Qatar is opening up its economy even more, allowing more access and ownership to foreign investors," al-Jaida said, adding Qatar being an "unsaturated" market, offers full of opportunities and investors are attracted to this.
Bilateral trade between Qatar and France is estimated around QR7bn and Qatari investments in France have reached over QR72.8bn. As many as 120 French companies have established their facilities in Qatar, and a number of agreements and treaties have been signed between the two nations.
At the QFC Madrid roadshow, Mohamed bin Jaham al-Kuwari, Ambassador of Qatar to Spain, said both the countries have had a very close relationship for many years now, Spain is one of the main importers of Qatari natural gas and Spanish food exports in Qatar have increased since the start of the blockade.
"Another clear signs of the prevailing harmony between both nations are the more than one hundred Spanish companies present in Qatar. I am convinced that these relationships will continue to grow stronger in the future,” he added.
In 2017, bilateral trade between Qatar and Spain increased 37% year-on-year to more than QR4.5bn. In February 2018, Qatar and Spain signed an agreement to avoid double taxation and prevent income tax evasion.
"Our discussions have been very fruitful and we are confident that they will positively contribute in further enhancing the relations between Qatar, France and Spain,” al-Jaida said.
The QFC platform has licensed a range of French and Spanish firms including Airbus, DuPont, AXA, Nasco, Anotech, Sia Partners and the Spanish Business Council.