The Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, witnessed another year of growth as the Covid-19 restrictions eased.
The QFC welcomed 282 new firms to its platform in 2021, reaching 1,284 registered firms at the end of December 31, thus surpassing its target of 1,000 companies by 2022.
The newly registered firms originated from over 60 countries, with the majority from India, Lebanon, Jordan, the UK, the US, Canada, France, Germany, Turkey, and Qatar. The new firms also represented several sectors, including digital, sports, media, and financial services: The QFC’s focus clusters.
“Since the beginning of the year, Qatar has demonstrated steady progress towards a strong recovery from the economic downturn brought by the Covid-19 pandemic. Underpinned by this resilient and stable economy, QFC has likewise shown similar stride as manifested by what we have accomplished this year, particularly in building collaborations to expand business activities in the country and connections with other markets,” its chief executive Yousuf Mohamed al-Jaida said.
Pursuing its efforts to create a more vibrant business environment that drives business growth and attracts foreign direct investment (FDI), the QFC signed a total of 20 memoranda of understanding (MoUs) in 2021.
On top of the MoUs signed with Russian firms during the 24th St Petersburg International Economic Forum, the QFC also forged partnerships with the Ministry of Justice (MoJ), Qatar Central Securities Depository, the Supreme Committee for Delivery & Legacy, Qatar Credit Bureau, Qatar Museums, Ooredoo Qatar, Qatar Development Bank, Qatar Research and Development Institute, the Institute of Chartered Accountants of India, Rwanda Finance, and Labuan International Business and Financial Centre.
The QFC also welcomed the establishment of the MoJ real estate registration and authentication office at QFC, as well as the French multinational bank Societe Generale, the Presidency of Turkey’s Finance and Investment Office, and NEBIX, representing its efforts to creating dynamic business ecosystem with local and regional gateways to varied opportunities.
Internally, the QFC fully digitised its incorporation process in 2021, saving firms and employees’ time and resources. Digital transformation has been vital for the QFC to withstand the adverse effects of the pandemic, and it is resolved to continue adopting new technologies to better support its stakeholders.
"QFC is committed to promoting robust economic recovery and a more inclusive economy, creating long term value for Qatar. Our efforts to create meaningful collaborations that facilitate foreign direct investment and help firms on our platform grow will remain a priority on our agenda. We will also continue to innovate and leverage emerging technologies to meet prevailing market demands, provide the best service for our firms, and stay on top of the competition,” al-Jaida said.
With an active agenda, the QFC organised over 50 virtual, hybrid and in-person events in 2021, engaging members of business communities in Qatar and other countries to explore mutually beneficial investment opportunities and collaborations and to discuss critical topics that help businesses navigate the global market.
The QFC welcomed 282 new firms to its platform in 2021, reaching 1,284 registered firms at the end of December 31, thus surpassing its target of 1,000 companies by 2022.
The newly registered firms originated from over 60 countries, with the majority from India, Lebanon, Jordan, the UK, the US, Canada, France, Germany, Turkey, and Qatar. The new firms also represented several sectors, including digital, sports, media, and financial services: The QFC’s focus clusters.
“Since the beginning of the year, Qatar has demonstrated steady progress towards a strong recovery from the economic downturn brought by the Covid-19 pandemic. Underpinned by this resilient and stable economy, QFC has likewise shown similar stride as manifested by what we have accomplished this year, particularly in building collaborations to expand business activities in the country and connections with other markets,” its chief executive Yousuf Mohamed al-Jaida said.
Pursuing its efforts to create a more vibrant business environment that drives business growth and attracts foreign direct investment (FDI), the QFC signed a total of 20 memoranda of understanding (MoUs) in 2021.
On top of the MoUs signed with Russian firms during the 24th St Petersburg International Economic Forum, the QFC also forged partnerships with the Ministry of Justice (MoJ), Qatar Central Securities Depository, the Supreme Committee for Delivery & Legacy, Qatar Credit Bureau, Qatar Museums, Ooredoo Qatar, Qatar Development Bank, Qatar Research and Development Institute, the Institute of Chartered Accountants of India, Rwanda Finance, and Labuan International Business and Financial Centre.
The QFC also welcomed the establishment of the MoJ real estate registration and authentication office at QFC, as well as the French multinational bank Societe Generale, the Presidency of Turkey’s Finance and Investment Office, and NEBIX, representing its efforts to creating dynamic business ecosystem with local and regional gateways to varied opportunities.
Internally, the QFC fully digitised its incorporation process in 2021, saving firms and employees’ time and resources. Digital transformation has been vital for the QFC to withstand the adverse effects of the pandemic, and it is resolved to continue adopting new technologies to better support its stakeholders.
"QFC is committed to promoting robust economic recovery and a more inclusive economy, creating long term value for Qatar. Our efforts to create meaningful collaborations that facilitate foreign direct investment and help firms on our platform grow will remain a priority on our agenda. We will also continue to innovate and leverage emerging technologies to meet prevailing market demands, provide the best service for our firms, and stay on top of the competition,” al-Jaida said.
With an active agenda, the QFC organised over 50 virtual, hybrid and in-person events in 2021, engaging members of business communities in Qatar and other countries to explore mutually beneficial investment opportunities and collaborations and to discuss critical topics that help businesses navigate the global market.