Q Life Magazine Q Magazine: A new chapter for growth - Page 16
A spotlight on:
Qatar Financial Centre Authority
However, the QFC’s job does not end there. It aims to
support Qatar’s economy for the long term. Qatar’s
plans for economic diversification and human capital
growth pursuits are well enshrined in the Qatar National
Vision 2030, and the QFC plays an important role in
realising these plans. This was in part thanks to a series of economic
reforms implemented by the State of Qatar to make
it easier for international companies to do business in
Qatar. Most important of these reforms was a new
law allowing full ownership for foreign investors in
To demonstrate the success of the QFC in its mission,
the numbers speak for themselves. Despite the illegal
blockade that was imposed on Qatar by a Saudi-led
coalition of four fellow Arab states, 2017 was the fastest
growth period in the QFC’s 13-year history. It recorded
a 66% increase in new firms being licenced on the QFC
platform in 2017, compared to 2016. With new reforms in the pipeline that will make Qatar
even more attractive to international investors, the
QFC is expected to contin ue to grow in 2018 and
into 2019. There is no doubt that it will succeed in its
mission to make Doha a leading business and financial
capital by 2022.
The Qatar Financial Centre Authority hails a record year
for growth in number of new firms licenced.
ith its overall objective being to diversify the
economy and position Doha as the region’s
leading financial and commercial capital, the Qatar
Financial Centre Authority (QFC) has a monumental
task on its hands.
One way that the QFC contributes to the expansion of
a strong private sector is by providing a comprehensive
framework for firms to do business in Qatar and
the region. This encourages local and international
investment, helping to create jobs and opportunities.
The 2022 World Cup, to be held in Qatar, has
accelerated this aspect of the QFC’s work. The QFC
will provide the necessary legal, regulatory, and financial
support to local and international firms working on
projects related to the tournament.
There are still many opportunities for German
companies to win contracts relating to the 2022 World
Cup, particularly in the construction, mechanical
engineering, automotive and transport sectors.
For German businesses that win contracts in Qatar, or
choose to set up business operations in the country, the
QFC can support them to ensure that they have all the
necessary registrations and paperwork needed.