The Qatar Financial Centre (QFC) is soon coming up with its 2023-30 strategy, which is aimed at developing local capital markets, introducing new financial products, and developing modern digital platform.
Further, the new strategy will focus more on fintech and Islamic banking sectors, as well as professional sectors concerned with quality of employment, QFC Authority (QFCA) chief executive officer Yousuf Mohamed al-Jaida told Qatar Television in the latter's 'Nabd Al Eqtisad' show.
The seven-year strategy will concentrate on sectors of focus for Qatar through close collaboration among the QFC, the Qatar Central Bank, the Qatar Financial Market Authority, and other stakeholders, in line with best global digital standards followed in the financial sector, he said.
Finding that the present global economic conditions continue to affect companies’ expansion plans; al-Jaida said there is a need for more concerted and unified efforts to take advantage of the wide popularity and good reputation Qatar enjoys now after hosting the 2022 FIFA World Cup to promote the country as a world-class hub for direct foreign investments.
He also stressed the important role the legal and judicial ecosystem in Qatar plays in attracting investors to local market.
In this regard, he highlighted that the QFC-based Qatar International Court and Dispute Resolution Centre administers enforceable and fair judgements in line with global best practices within a short period from a week to six months, delivered by a distinguished panel of local and international judges.
The QFC official also disclosed the upcoming move of two of the world’s largest banks - UBS and Credit Suisse - to open headquarters in Lusail, where their employees will be transferred from other locations and branches to Qatar over the next-three-months to a-year-and-a-half period.
Recently, al-Jaida said the QFC platform at present has more than 1,500 local and global enterprises operating in the financial and non-financial spheres with total assets amounting to $28.3bn.
With regard to the countries that are considered the largest source of direct investments in Qatar, he said the US is the largest foreign investor in Qatar, adding that QFC has witnessed investment flows from 48 countries in the Middle East, Asia and Europe during the first half of 2022.
Yousuf Mohamed al-Jaida, QFC Authority CEO