Yousuf Mohamed Al-Jaida, CEO of QFC, with Turkish Capital Markets Summit participants.
DOHA: The Qatar Financial Centre, one of the world’s leading and fastest growing onshore business and financial centres, attended the fourth 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.
In addition, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC took part in a panel discussion entitled: ‘The Story of Transforming a City to a Financial Center’. Moderated by Mark Howarth, Market Structure and Strategy Director, at Bloomberg, high-level executives on the panel included: Farah Jaafar-Crossby, CEO, Labuan Finance Center; Dr. Kairat Kelimbetov, Governor, Astana International Financial Centre, and Serkan Yüksel, Director of Istanbul Finance Center.
During the session, Yousuf Mohamed Al Jaida 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 $2.1 trillion which includes Turkey, Kuwait, Oman and Pakistan (under the New Emerging Belt Initiative).
Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority said: “The QFC welcomed the chance to engage with Turkish business leaders on the infrastructure, incentives and strong investment climate in Qatar. 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 is an important gateway for Turkish companies to grasp the investment opportunities in these promising sectors.” 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 $2bn in 2018, registering a sharp jump of around 54 percent 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 $11.6bn in Qatar, most of which are geared towards preparations for the 2022 FIFA World Cup Qatar.
The QFC is an onshore jurisdiction that 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 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 81 countries.
