The Qatar Financial Centre (QFC), one of the world’s leading and fastest-growing onshore business and financial centres, has witnessed a 21% year-on-year increase in the number of new firms registered during January to June (H1) 2019.
This represents nearly 90 new companies joining the platform against 71 last year over the same period. The total number of firms on the QFC platform has exceeded 700 (as of July 2019).
The newly registered companies hail from a diverse sectors spanning IT services, advisory and consulting, marketing and brand management, as well as engineering.
The 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 US, Australia, Asia and the Middle East and North Africa 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 global firms looking to establish their operations in Qatar and the region, a testament to the stability and attractiveness of Qatar’s thriving economy.
"The QFC continues to mark new milestones in terms of firms joining our platform... 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," said Yousuf Mohamed al-Jaida, QFC Authority (QFCA) chief executive.
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, he highlighted.
The QFC is continually working towards supporting Qatar’s economic diversification by committing efforts to license leading businesses in their fields and enable them to access unique opportunities that the Qatari market has to offer, according to Raed al-Emadi, chief commercial officer, QFCA.
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 gross domestic product growth, making the country a prime business-friendly and investment destination for companies interested in setting up in the region.