The Qatar Financial Centre (QFC) witnessed an “unprecedented” 33% growth during 2019 with close to 200 firms registered to the platform.
The number of firms set up to operate out of the QFC stood at 816 as of December 2019 and the QFC is well underway in its goal of registering 1,000 firms by 2022.
The expansion of firms on the QFC platform represents a variety of industries, both financial and non-financial services, including Fintech, IT, and tax and investment advisories, hailing from diverse countries including the US, Canada, the UK, France, Germany, Switzerland, Jordan and India.
“The QFC platform has made substantial progress towards its core mandate of attracting FDI (foreign direct investment) to Qatar and promoting economic diversification, as seen by our remarkable international partnerships, global engagement and business growth over the course of the last year, “ QFC Authority chief executive Yousuf Mohamed al-Jaida.
With over 800 companies now registered on the platform, QFC’s efforts in developing relations with local and international stakeholders and key markets continue to bolster investor confidence in Qatar, shaping the nation as the gateway of choice to the Middle East and beyond, he added.
The QFC kick-started 2019 with the unveiling of its 2022 strategy, announcing its renewed focus on developing sectors of Qatar’s economy that are poised for substantial growth, namely digital, media, sports, and financial services sectors, as well as targeting emerging markets such as Oman, Kuwait, India, Pakistan and Turkey.
Year 2019 also saw the launch of the Investment Promotion Agency of Qatar, which is registered on the QFC platform and aims to be a single and complete source for investment solutions in Qatar by attracting FDI in all of the country’s priority sectors.
The QFC signed 11 landmark memoranda of understanding during 2019 with key local and global stakeholders; including a key partnership with the Finance Office of the Presidency of Turkey to establish long-term cooperation between the Istanbul Financial Center and the QFC.
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