In addition to the strength and agility demonstrated by the eight listed commercial banks in Qatar, the Qatar Financial Centre (QFC) and the Qatar Financial Centre of Regulatory Authority (QFCRA) have built a robust business environment that continues to attract foreign investments, despite macroeconomic uncertainty, PwC said.
The QFCRA reported robust FY2020 financial and operational results, including an increase in new licence issues of 63.7% compared to FY2019, underscoring confidence in the potential for future growth.
Moreover, the QFCRA’s regulated financial institutions reported FY2020 total assets of QR44bn, a rise of 12.8% compared to FY2019, and a significant 51.2% increase compared to FY2018.
Ahmed al-Kiswani, regional financial services partner, PwC Middle East, stated, “QFC continues to attract organisations from a wide range of industries. Despite pandemic-induced headwinds QFC experienced growth of its financial services and non-financial services sectors.
“QFC’s growth was bolstered by new types of licences being issued, such as fintech start-ups and scale-ups, a new legal service policy supporting licensed law firms to work with foreign clients, and new regulations enabling financial institutions to establish a representative office in Qatar.”
“Qatar’s financial industry has demonstrated its agility and resilience throughout 2020, supported by enabling regulations and central bank policies. The banking sector remains in a position of strength, ready to capitalise on new technologies and a diversified investor base, in order to continue to be a catalyst for economic development and growth.”
 
 
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