QFC is the business hub to growth East to West & West to East. The CEO of QFC Authority HE Yousuf Mohamed Al-Jaida met with H.E. Ambassador of Greece in Doha, Konstantinos Orphanides and Dr. Theodore Theodoropoulos, CEO of POWERGLOBE LLC (QFC) yesterday at the QATAR FINANCIAL CENTRE headquarters.
It’s obvious that QATAR is the gateway for business across the globe and QFC could be the business hub to growth East to West & West to East. The QFC Authority manages and maintains the QFC legal and tax environment, and licenses ﬁrms to conduct business in or from the QFC. The Authority also develops relationships with the global ﬁnancial community and other key institutions, both within and outside Qatar, helping to develop the country’s private sector.
The CEO of QFC Authority HE Yousuf Mohamed Al-Jaida met with H.E. Ambassador of Greece in Doha, Konstantinos Orphanides and Dr. Theodore Theodoropoulos, CEO of POWERGLOBE LLC (QFC)
Despite challenging times, Qatar remains one of the most competitive and powerful economies in the region. Known for its gas reserves, Qatar has not been affected by the drop in the oil price to the extent of other countries who heavily rely on oil exports, and are now forced into making painful public spending adjustments. Weaker oil prices have led to a contraction in hydrocarbon revenues but non-hydrocarbon sector growth is strong and expected to be around 5.7% in 2017, contributing to an overall GDP growth of just under 3%. This is an enviably good rate compared to other parts of the world and is the highest forecast in the GCC. Qatar has maintained its position at the top of the international table for GDP per capita. The reason for Qatar’s position of strength is thanks to the wise and far sighted leadership of the country. Qatar has an ambitious and long-term development plan under the National Vision 2030 to diversify its economy, with infrastructure spending related to transport, education, sports, healthcare, telecommunication and hospitality being a key part of this plan.
POWERGLOBE LLC (QFC registered) a Qatari based company, has recently announced various large-scale energy projects, which has been involved, across Middle East, Europe and Asia, including Pakistan – China Energy Corridor, Gwadar Port Gas Facilities, Al Dur Project, The Integrated SEZ & Marine Complex at Nana Layja/ Kutch, Gujarat in India, the Desfa and Anemos-Wind Projects in Greece, the LNG Cyprus Project, the Gas to Power Project in Soyo, Angola. POWERGLOBE LLC in order to be able to successfully proceed with more energy projects and to maximize its energy professional energy-services capacity and indemnity-insurance standards, has increased its share capital to QAR30.0million.
His Highness the Emir Sheikh Tamim bin Hamad al-Thani has stressed the need to open Qatar’s economy to investments and initiatives so that the country produces the food and medicine it needs and achieve economic independence. The Emir also called for diversifying the sources of income, “achieve our economic independence through bilateral relations of co-operation with other countries, in our geographical environment and worldwide, and on the basis of mutual interests and mutual respect.” In a speech addressed to the nation on Friday he said: “We also call upon ourselves to develop our educational, research and media institutions, as well as our sources of soft power at the international level and with the interaction of the best national, Arab and foreign expertise. All of this of course will be in cooperation with the residents in our country who work, contribute and live with us, and who stood with us throughout this crisis.
Qataris responded enthusiastically to the Emir’s call to use the crisis as a wake-up call to step up and diversify the Qatari economy.
“On numerous occasions I have directed our institutions to pursue the policy of economic openness and diversification. At this stage, this is no longer a matter of luxury for us, but a binding and inevitable course of action, leaving no room for complacency. This is the responsibility of all of us, government and business community alike. “This crisis has helped us identify the shortcomings and obstacles in determining Qatar’s national, political, economic and independent identity and in deciding to overcome and surpass these obstacles. “As we pass through this test with honour and dignity, I am addressing you to emphasise that Qatar needs every one of you to build its economy and protect its security.
“We require diligence, creativity, independent thinking, constructive initiatives and interest in academic achievement in all disciplines, self-reliance and fighting indolence and dependency. This is not just wishful thinking, and these are not mere dreams. Our goals are realistic and practical, based on the continued determination that Qataris have shown during this crisis. This is not just a passing wave of enthusiasm, but rather the basis for further awareness in building the homeland. “Under my direction, the government will do whatever it takes to achieve this vision, including the required economic openness, the removal of obstacles to investment, and the prevention of monopolies in the context of building the national economy and investing in human development.
“I have also directed the government to allocate newly-discovered gas revenues that God has blessed us with to investment for our future generations. Qatar has lived well so far without it. We will also continue to work on the international arena to deepen bilateral co-operation and conclude bilateral agreements between Qatar and other countries.” Healthy economic growth in times of weaker oil prices is a demonstration that the strategy of economic diversification is already proving successful. Non-hydrocarbon growth is led by the construction sector, and with a renewed commitment from the government to spending on key projects in preparation for the World Cup, top-down government spending on infrastructure will remain a primary growth driver of the economy. Qatar is assembling one of the most advanced multi-modal transport infrastructure systems in the world that will facilitate long-term sustainable economic growth through the movement of people, goods and information.
By air, the iconic Hamad International Airport connects Qatar with over 150 destinations across the world and combined with Qatar Airways’ huge fleet of the latest aircraft means that Qatar is proving more than a match for the global aviation industry’s old guard carriers.
Investment is not just limited to transport and Qatar has made major strides in transforming the education sector, spearheaded by Qatar Foundation and a number of foreign universities with branches in Education City. In addition to the universities, Education City also hosts world class scientific and research companies in the Qatar Science and Technology Park (QSTP) and major funding has been allocated to new schools. The growth and improvement in quality of Qatar’s health sector has also been a major success story. The first National Health Strategy (NHS) 2011 – 2016 has helped to deliver the health objectives contained in the National Vision 2030, with the human development pillar entailing a holistic and modern healthcare infrastructure that caters to all. Qatar’s investment in health is also much more forward-thinking than simply building new healthcare facilities and staffing them. One of the NHS’ seven strategic goals is an ambitious home-grown healthcare research programme, and this will only strengthen Qatar’s transition towards a diversified, knowledge-based economy.
Any assessment of Qatar’s economic strength should also include Qatari banks successful rise story and Qatar Investment Authority (QIA), our sovereign wealth fund that invests surpluses of oil and gas revenues to diversify revenues and minimise risk from a reliance on energy prices. With assets now estimated to be around $330bn, the QIA is helping to guarantee Qatar’s future economic sustainability by not only providing alternative sources of income but the huge amount of foreign assets held have been successful in protecting Qatar’s strong sovereign credit rating. Qatar’s economic fundamentals remain robust and Qatar will continue to be an outstanding economic success story in the region based on wise leadership.
The CEO of QFC Authority HE Yousuf Mohamed Al-Jaida and his QFC Management Team has done a very successful contribution to the development of the country, along with His Highness the Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al-Thani mission and Qatar National Vision 2030, for a sustainable economic, social and cultural development across the country!
Sources: QGN, QFC, BBC, Reuters, Gulf Media Agencies.