Qatar Financial Center (QFC) will hold a roadshow in Madrid later this month as part of efforts to target investors from Spain with which Doha’s bilateral trade exceeds more than €1bn in 2017. QFC, as one of the leading financial and business centres in the region, is positioning its suite of financial sector products, especially holding companies and special purpose companies, for use by both Qatari and Spanish individuals and entities for investment in either Qatar or Spain. “The recent agreement on taxation adds to the already strong economic bonds between Qatar and Spain, leading to increased investment opportunities for both countries,” Sheikha Alanoud bint Hamad al-Thani, managing director, Business Development, QFC Authority (QFCA), told a workshop on bilateral investments and investment opportunities in Qatar and Spain titled Qatar-Spain: Growing Business Ties.
The workshop comes after the recent signing of an agreement between Qatar and Spain to avoid double taxation and prevent income tax evasion. The agreement also allows a broad tax information exchange, including bank account information, between the two countries. Highlighting that in 2017 bilateral trade between Qatar and Spain increased 37% year-on-year to more than 1bn euros; QFCA chief executive Yousuf Mohamed al-Jaida said “all these figures signify that there is no better time for companies looking to expand to Qatar from Spain to join the QFC platform.”
Ignacio Escobar, ambassador of Spain to Qatar, said the recent changes in the Qatari foreign investment legislation and the incentives offered by the government make this country even more attractive to establish in. “The current negotiation of an agreement on promotion and reciprocal protection of investments will further develop our common potential,” he added.