QFC witnesses 69% jump in new firms in first half of 2018

QFC
QFC Authority chief executive Yousuf Mohamed Al-Jaida.

Qatar Financial Centre (QFC), one of the world’s fastest-growing onshore business and financial centres, has witnessed a 69% year-on-year jump in new firms registered under it during the first half (H1) of this year. The total number of firms on the QFC platform was recorded as 532 at the end of H1 ended June 30, 2018. The majority of the new firms joining the QFC platform have come from Europe, India and Pakistan. There have also been a number of firms joining from the US and Middle East and North Africa regions, a QFC spokesman said.

The newly registered firms come from a wide variety of sectors including information technology, advisory and consulting, advertising and marketing, legal services and investment clubs. Since the first quarter of 2010, the QFC has experienced 322% growth in the number of firms joining its platform. In addition, since June 2017 the QFC has seen a notable increase in international firms looking to establish in Qatar. “The QFC has broken another record in terms of firms joining our platform. We continue to attract a wide range of new companies from Qatar and beyond, all who recognise the attractiveness of the QFC platform and the many opportunities available within the Qatar market,” QFC Authority chief executive Yousuf Mohamed al-Jaida said.

With the recent announcement that Qatar’s GDP (gross domestic product) has grown 1.4% in the first quarter of 2018 against the same period in 2017, and the country’s commitment to open up to foreign investors, Qatar is continuing to prosper and it is no wonder that international businesses are keen to explore the array of opportunities available, he said. “The QFC is a gateway for foreign direct investment and innovation in financial services. These are areas that we consider of vital importance to Qatar’s development and the realisation of the goals set out in Qatar National Vision 2030,” he said.

Asserting its commitment to explore and attract businesses in new markets to the QFC platform, al-Jaida said: “I am confident that the second half of 2018 will further pave the way for the QFC to realise its full ambitions.” The QFC firms enjoy competitive benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with more than 60 countries.

 

Sources and photo-credits: Gulf Times