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 specific sectors. 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. W 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 16 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. 17