Qatar Tourism Authority (QTA) and the Qatar Financial Centre (QFC) have signed a memorandum of understanding to facilitate the establishment of business events companies in the country.
Through the agreement, QFC has added business events companies to the list of entities which can be licensed and incorporated in to QFC’s regulatory framework.
Such a move makes it easier for international exhibition and event organising companies to establish a presence in Qatar. In turn, it will help contribute to the growth of business events, a priority sub-sector of Qatar’s tourism industry.
DMG Events LLC, global producer of market-leading exhibitions and conferences, has become the first such company to enter the Qatar market under this agreement.
“QTA has been working closely with various authorities to introduce policies that support our efforts to attract foreign investment to Qatar’s tourism sector,” QTA’s public relations and communication director Saif al-Kuwari said.
He noted that Qatar offers a variety of investment avenues across the full value chain of tourism products and services, including those needed to attract and host successful business events.
“We are pleased that DMG Events recognises the strong prospects that the Qatar markets offers and look forward to working with them to tap into the sector’s potential,” al- Kuwari added.
Companies licensed and incorporated into QFC benefit from its unique legislative framework, which allows quick and easy set up process, repatriation of 100% of profits and 100% foreign ownership.
QFC Authority’s chief strategy and business development officer Kamal Naji said their collaboration with QTA aims to further develop and enhance Qatar's thriving tourism industry.
“At the QFC, we continue to be agile and enhance our platform based on the needs and requirements of the local market,” he pointed out.
“Our efforts in collaboration with QTA are aimed at facilitating the establishment of business events companies in Qatar as the nation continues to welcome some of the biggest financial, sport and cultural events in the region,” Naji added.
He expressed confidence that DMG Events will contribute positively to the diversification and development of the private sector.
The agreement between QTA and QFC also paves the way for a joint study of the tourism industry in Qatar, which aims to provide investors interested in the country’s tourism sector with the insights needed to make sound business decisions.
The incorporation of business events companies under QFC comes as the business events sector enters a period of significant growth, with more than 150 business events, including exhibitions, conferences, congresses and corporate meetings taking place in Qatar annually.
QTA works with local and international events organisers, venues, and suppliers to ensure that the industry is operating at the highest standards, attracting regional and global business events and in turn, business tourists.
DMG Events is set to launch a number of trade exhibitions in the coming year, including one focusing on interior design and another on the building services industry.