The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, attended the 4th Turkish Capital Markets’ Summit in Istanbul, Turkey. The annual flagship event of the financial markets in Turkey brings together regulators, exchanges, market professionals, academics and international and domestic investors to facilitate coordination and contribute to the development of its capital markets.
Chief Executive Officer at QFC Yousuf Mohammed Al Jaida took part in a panel discussion entitled: “The Story of Transforming a City to a Financial Center”. He discussed the opportunities that are attracting companies to set up business in Qatar, for which the QFC provides an ideal platform. Businesses gain access to a robust local market, as well as regional markets worth USD $2.1 trillion which includes Turkey, Kuwait, Oman and Pakistan (under the New Emerging Belt Initiative).
Al Jaida said that the QFC welcomed the chance to engage with Turkish business leaders on the infrastructure, incentives and strong investment climate in Qatar, especially as the QFC is an important gateway for Turkish companies to grasp the investment opportunities in these promising sectors with “our renewed focus on becoming a hub for the digital, sports and financial services industries – encompassing FinTech, Islamic Finance, Capital Markets and Asset Management.”
The QFC’s participation and attendance in the Summit is aligned to its commitment to strengthen bilateral relations with Turkey’s business community, as well as facilitate access to investment opportunities in Qatar’s market through the QFC business platform, which currently has seven Turkish companies registered.
Qatar and Turkey continue to enjoy robust bilateral relations and the combined value of their trade exchange hit $2 billion in 2018, registering a sharp jump of around 54% compared to 2017. A commercial and economic partnership agreement signed between the two countries in September 2018 aims to expand such cooperation by promoting trade exchange and easing restrictions on investments, among other areas. Turkish companies are handling projects worth over $11.6 billion in Qatar, most of which are geared towards preparations for the 2022 FIFA World Cup Qatar.
QFC allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 81 countries.