Qatar Financial Centre yesterday reaffirmed its position as a global business and financial hub after it unveiled its aggressive 2022 strategic roadmap. The key highlights of the strategy include creation of four strategic clusters namely Sports, Digital, Financial and Media; and a New Emerging Belt Initiative (NEBI).
As part of the Initiative, QFC will develop an economic corridor that focuses on strategic alliances with markets such as Kuwait, Oman, Turkey, Pakistan and India. The QFC 2.0 expansion plans aim to triple the size of QFC’s assets to $70bn and plans to create 10,000 high-skilled jobs in the private sector.
Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority, said QFC’s new strategic plans will promote Qatar as a natural hub for all the four strategic clusters, and providing a solid basis for foreign direct investments in those growing fields.
Emphasis has been placed on new emerging markets that are collectively worth over $$2.1 trillion, with Qatar and the QFC well positioned to serve as a gateway to these lucrative and fast-growing economies.
QFC’s focus on the digital, media, sports and financial service industries is aligned with Qatar’s existing positioning in those fields. In the sports industry, Qatar has already established world-class infrastructure thanks to robust investments, and has leveraged this by hosting international sporting events, which are set to bring even more economic impetus, with the sports industry estimated to be valued at $20bn by 2023, Al Jaida said.
In 2018, QFC signed an MoU with Aspire Zone Foundation to establish the Qatar Sports Business District, considered to be the first in the region. In addition, one of the QFC’s partnership goals is to establish a new financial city in Msheireb Downtown Doha, one of the world’s smartest and most sustainable cities.
The QFC has put in place an attractive incentives programme to attract multinational companies to Qatar by offering free offices, highly-competitive tax incentives, as well as seed capital to cover five years of operating expenses in return for a 10-year commitment.
Thanks to its robust economy, Qatar is already an attractive international business hub, with 20 business councils registered on the QFC’s platform from countries around the world such as Canada, Nigeria, Singapore, Spain, India and many others.
It must be mentioned that last year was momentous for Qatar. The country showcased its resilience. Qatar’s GDP grew significantly in 2018 by 2.4 percent and will reach 3.1 percent growth in 2019, according to International Monetary Fund.
Also, the World Economic Forum’s Global Competitiveness Report 2017-2018 said Qatar is the second most competitive market in the region. The year 2018 also witnessed international agencies upgrade Qatar’s ratings to AA, which reflects the continued global confidence in its economic policies.
The strengthening and development of Qatari capital market is vital. QFC aims to become a gateway for international Financial Institutions and capital markets. With over 600 registered firms, the QFC has exceeded the halfway mark of its target to register 1,000 firms by 2022. QFC’s new strategy aims to leverage its experience and expertise even further.
