Doha, Qatar— Qatar Financial Centre (QFC) is managing assets worth $28.3 billion and has more than 1,500 local and global enterprises operating in the financial and non-financial sectors.
This was disclosed by Chief Executive Officer of QFC Yousuf Mohamed Al Jaida in an interview to the media.
Al Jaida said that QFC has accelerated the growth of its works in alignment with the evolution of the Qatari economy which became diverse and dynamic more than ever, after it had provided a high-level platform that helps the companies establish their businesses in Qatar, in addition to managing and expanding them to other markets within and without the region.
He added that in 2018, QFC announced its objectives for growth by 2022, including the registration of more than1000 companies on its platform and the attraction of investments with the total amount of $25 billion, adding that QFC managed to achieve this goal prior to the specified time frame, as the total number of the registered companies on the platform reached 1284 firms by the end of 2021.
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He pointed out that the platform of QFC includes over 1500 companies whose total manageable assets are amounted to $28.3 billion, in addition to a professional business community that includes over 9,000 persons via various companies registered in QFC.
He said that after launching its 2018 growth agenda, QFC specifically focused on developing the financial, sports and digital sectors in the State of Qatar, and since that time the Centre has been witnessing a steadfast growth in the number of companies operating in these sectors, and its current platform has over 180 financial sector registered companies, including 80 fintech companies, over 300 digital companies, including media companies and over 40 sports companies.
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He pointed out that the new digital companies registered by QFC during the first half of 2022 constitute 25 percent of all companies, whilst the percentage of the companies operating in the financial sector is amounted to 16 percent, including fintech companies.
The CEO said Qatar has witnessed an upward trend in investment flows in general during the past years, with foreign direct investments increasing from about $1.8 billion in 2021, to $3 billion during the first half of 2022, according to data issued during the Qatar Economic Forum that was held recently, thanks to its economic and political stability, its modern infrastructure, and its business-friendly economic and regulatory policies.
With regard to the countries that are considered the largest source of direct investments in the State of Qatar, Al Jaida said that the United States of America is the largest foreign investor in Qatar, adding that QFC has witnessed an investment flow from 48 countries in the Middle East, Asia and Europe during the first half of 2022.
On the Center’s expectations for the growth of foreign investments after the successful organization of the FIFA World Cup Qatar 2022, QFC CEO Yousuf Mohamed Al Jaida stressed that hosting a huge international sporting event such as the 2022 World Cup contributes to creating abundant investment opportunities that enhance the country’s economy and accelerate the pace of social and economic development.
“Certainly, preparations for organizing the World Cup have contributed to the development of many important economic activities, such as increasing foreign direct investment, job opportunities, and growth in many sectors, specifically in the construction and financial services sectors,” the CEO of QFC said.
The State of Qatar expects that the FIFA Qatar 2022 will bring financial profits to its economy amounting to $17 billion, Al Jaida said, adding that the hospitality, tourism and retail sectors will mainly benefit from this event in the short and long term.
He noted Qatar’s efforts are currently focused on building a sustainable, modern and responsive economic system that contributes to enhancing economic diversification and achieving more growth.
“It has developed a set of incentives to support investors, starting from the stage of establishing a business to expanding and achieving sustainable growth,” he said, adding the current regulatory framework in Qatar is closely aligned with the country’s strategy and its continuous efforts to create an attractive business environment for foreign investments.