It was a year of exceptional growth for Qatar Financial Centre (QFC), which is one of the world’s leading and fastest growing onshore business and financial centres.
During the year, QFC took several initiatives that will help in attracting Foreign Direct Investment (FDI) to Qatar and promoting economic diversification.
The Centre ended the year on a high note with an unprecedented growth of 33 percent in 2019 with close to 200 firms being registered to the platform. The number of firms set up to operate out of the QFC now stands at 816 as of December 2019. Compared to 612 firms at the beginning of the same year, the QFC is well underway in its goal of registering 1,000 firms by 2022.
The World Bank has noted that Qatar’s economy is projected to grow by 1.5 percent in 2020 and 3.2 percent in 2021. The International Monetary Fund has adjusted the GDP growth projections to 2.8 percent for 2020 from 2 percent in 2019.
The expansion of firms on the QFC platform represents a variety of industries, both financial and non-financial services, including Fintech, IT, and tax and investment advisories, hailing from diverse countries including the United States, Canada, the United Kingdom, France, Germany, Switzerland, Jordan as well as India.
The QFC kickstarted 2019 with the unveiling of its 2022 strategy, announcing its renewed focus on developing sectors of Qatar’s economy that are poised for substantial growth, namely digital, media, sports, and financial services sectors, as well as targeting emerging markets such as Oman, Kuwait, India, Pakistan and Turkey.
2019 also saw the launch of the Investment Promotion Agency of Qatar, which is registered on the QFC platform and aims to be a single and complete source for investment solutions in Qatar by attracting FDI in all of the country’s priority sectors.
In addition, 2019 marked the year that the QFC join the World Alliance of International Financial Centres, a non-profit organisation established to facilitate strategic cooperation among financial centres. As part of the alliance, the QFC will share its unique business model and expertise as well as impart successful endeavours in diverse financial sectors including Islamic Finance, Fintech, Asset Management and Capital Markets.
The year 2019 also saw the QFC reaffirm its social and humanitarian commitment, having signed numerous agreements to support United Nations agencies including the Office of the UN Secretary-General’s Humanitarian Envoy.
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