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QNA
Doha
Qatar Financial Center (QFC) serves as a beacon of investments and an enabler of economic growth in Qatar.
With its unique characteristics, it seeks to enhance Qatar’s position as an attractive and rewarding destination for companies looking to expand their operations in the Middle East.
QFC’s role is not limited to contributing to the diversification of the Qatari economy through the hundreds of companies operating under it, it also contributes toward achieving Qatar National Vision 2030 and transforming the Qatari economy into a knowledge-based economy.
QFC is the home of approximately 670 companies that operate across different sectors including financial services, media, technology, sports, consultancies, and many others. These companies range from corporate banks, and holding companies, to professional service companies and special purpose companies.
The total assets under the management of the businesses registered on the QFC platform have exceeded $20 billion. Companies registered on QFCs platform come from around the world including Qatar, the US, the UK, India, France, Switzerland, China and many others.
QFC aims to inject even more investments and foreign capital into the Qatari economy, according to Sheikha Alanoud bint Hamad al Thani, Managing Director of Business Development at QFC.
In an exclusive interview with Qatar News Agency, Sheikha Alanoud said, “We recently announced a new strategy which includes a renewed focus on specific service industries including digital, media, sports, and financial services. Additionally, our new strategy also focuses on further developing partnerships as part of a New Emerging Belt Initiative (NEBI), an economic corridor that focuses on building strategic alliances with markets such as Kuwait, Oman, Turkey, Pakistan and India.”
She added that these new emerging markets have been identified because they possess a large potential for future growth, especially considering that their combined GDP is estimated to be approximately $2.1 trillion, with total global foreign direct investment (FDI) from these markets exceeding $150 billion.
QFC has already taken significant steps to activate their new strategy. The Centre signed numerous partnerships with key stakeholders in each of its new focus clusters.
For example, it signed a memorandum of understanding (MoU) with Aspire Zone Foundation to establish Qatar’s Sports Business District, which aims to attract multinational sports companies to establish a presence in Qatar.
For the digital sector, QFC recently signed MoUs with the Ministry of Transport and Communications, the Communications Regulatory Authority, as well as Ooredoo.
Sheikha Alanoud said, “We also work closely with a number of leading international stakeholders to fulfill our objectives and we recently signed MoUs with two French organizations - Paris EUROPLACE and Finance Innovation, to support the growth of Qatar’s digital and financial services industries.”
Paris EUROPLACE is responsible for promoting and developing the Paris financial marketplace. Finance Innovation was launched by the French Ministry for the Economy and Finance in 2007 to stimulate the Paris financial centre and encompasses 480 member organisations and companies.
“We recently partnered with European Fintech platform B-Hive, to work closely together to develop the Fintech industry in Qatar. These are but a few examples of the ways in which we have already started working towards achieving our strategic objectives, with many more in the pipeline for the near future,” she noted.
In addition to its role in promoting investment and supporting economic growth in Qatar, QFC also plays an important role in supporting Qatar’s efforts to host the 2022 FIFA World Cup and strengthening partnerships with other institutions.
The sports industry is one of the QFCs strategic focus clusters. The estimated size of the global sports industry surpassed the $1 trillion mark in 2017, while the market size of the sports sector in Qatar is expected to reach $20 billion by 2023. Thus, there are many opportunities and sizeable potential for investments that QFC wish to fully utilise through these collaborative partnerships.
Sheikha Alanoud said QFC has already achieved significant milestones in sports sector.
She said in February 2019, the QFC welcomed the FIFA World Cup Qatar 2022 LLC to its platform.
The joint venture will be responsible for key aspects of the 2022 edition, such as planning and delivery of operations and services for the tournament and is one of many such companies involved directly and indirectly in World Cup preparations.
Qatar Sportstech, a leading accelerator programme for innovative companies in the sports industry, is another sports entity that has been incorporated on the QFC platform.
She emphasised how QFC provides an unparalleled platform for start-ups to proactively scale up their business and demonstrate their product to leading corporations, leading sporting events and the ever-growing sports community.
Sheikha Alanoud said QFC also licenced several other businesses in the sports services industry such as MCA City Advertising, SBC Sports Tech, Bootcamp and many others.
In terms of partnerships, she said, “Our MoU with Aspire Zone Foundation (AZF) will see us work closely together to establish the Sports Accelerator Qatar Business District, which is the first of its kind in the region. The national project aims to create the premier sports business cluster in Qatar and the Middle East.
“The MoU will also see QFC and AZF collaborate on numerous initiatives aimed at developing and promoting the sports industry. Its goal is to attract large sports-related multinationals, promote the setup of sustainable businesses and start-ups and facilitate the commercialisation of sports-related products and services by offering unique incentives and service packages, which include QFC designated locations in the Sports Accelerator Qatar Business District.”
QFC had made plenty of proactive efforts and initiatives to attract foreign companies and investments from various markets around the world.
In 2018, QFC successfully organised a number of international roadshows and events that took it to important markets like Spain, France and China, where it held high-level business-to-business meetings and discussions aimed at further strengthening its partnerships and facilitating business development.
Given that Islamic finance is also a key focus area for QFC, it hosted an Islamic finance panel on the sidelines of the annual meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Bali, Indonesia.
“This high-profile event brought together some of the most respected international experts on the topic to explore the key challenges and opportunities facing the Islamic finance industry,” she said.
Furthermore, QFC has already participated in a variety of international economic events in France, Germany, Turkey, and many other markets.
“This year, QFC has plans to organise roadshows in key markets around the world including Asia and Europe,” she said.
Regarding QFC’s contributions to Qatar National Vision 2030, Sheikha Alanoud said, “QFC has made significant strides in supporting the economic development pillar of the Qatar National Vision 2030 - in fact our objectives and strategy are fully aligned with our nations vision....This includes our numerous initiatives that focus on community development as well as youth and financial literacy.
For example, this year we helped organize Global Money Week Qatar for the second consecutive year to teach financial literacy to primary school students.
QFC also believes in nurturing a world-class professional workforce, and as such we have established the Qatar Finance and Business Academy (QFBA) to develop the skills and experience of professionals in the finance industry.
The QFBA has partnered with Northumbria University, which is one of the largest and oldest public research universities in the UK, to offer its students specialized courses.”
Despite the regional challenges Qatar faced recently and the unjust blockade imposed on it by neighbouring countries, it retained its position as an economic hub as seen by its top position globally for paying taxes according to the World Bank’s Ease of Doing Business 2018 rankings.
In August 2018 Qatar was ranked first in the Arab world in the Global Entrepreneurship Index, a key indicator of innovation, growth, and a healthy entrepreneurial ecosystem.
More recently, Qatar was ranked as the second-most competitive economy in the region for the second time in a row, and 30th globally, according to the World Economic Forum’s Global Competitiveness Report 2018.
Qatar has also been consistently ranked as the safest country in the Middle East and the World in 2017 and 2018.
Sheikha Alanoud affirmed that QFC has also witnessed tremendous growth during this period, despite the regional challenges that remain to this day. The year 2017 was the fastest growth period in the QFC’s 13-year history since its establishment in 2005.
The Centre followed this with even more growth in 2018, which saw an increase of 31 percent in the number of firms registered on its platform.
QFC continues to see a steady rise in the number of companies that joins it. It now has 670 listed companies. At the beginning of the blockade, many international companies opened branches and holding companies in Qatar on the QFC platform, which is indicative of the importance of the Qatari market and its flexibility and resilience.
The cooperation of many international and domestic companies with QFC and the continued interest of investors in establishing and operating in the Qatari market is a testament to the Centre’s contribution to the economic component of Qatar National Vision 2030.
Although Qatar provided multiple platforms for investors who want to operate within the Qatari market, QFC is unique due to its legal and tax frameworks, in addition to its strategy, which focuses on investing in various sectors and developing more partnerships with local and global companies.
HE Sheikha Alanoud bint Hamad Al-Thani spoke about the characteristics and mechanisms that differentiated QFC and contributed to its mission of cooperating with international companies. She said, “ever since its inception in 2005, the QFC’s platform has offered a world-class legal and tax framework for businesses looking to establish their presence in Qatar and the region. In fact, we offer companies a transparent, accessible and reliable operating environment based on English common law as well as providing businesses with access to an independent judiciary, the Qatar International Court.”
Additionally, she pointed out that Qatar and QFC offer a compelling tax environment combining efficiency and attractiveness with alignment to international standards and best practices. Hence, only a 10 percent corporate tax on locally sourced profits is levied, with most expenditures are tax deductible which results in lowering the taxable profits. Companies established on the QFC’s platform also benefit from an efficient double tax agreements network with 81 countries around the world.
QFC also focus on facilitating the licensing process and helping companies establish their branches and start their projects within the country as HE Sheikha Alanoud bint Hamad Al-Thani said, “with our knowledge and experience of the Qatari business environment, we take pride in ensuring that every newly-licensed business starts their operations on schedule and, most importantly, hassle-free.”
She pointed out that setting up on QFC is very simple. Once a company applies to QFC with a business case, dependent on the type of business, it can take only 3 days to receive a strategic fit. Once a strategic fit is approved, QFC can provide licensing in less than five days.
Furthermore, the Center focuses on customer service. The Client Affairs Department in QFC plays a key role in supporting and building its client relationships. A dedicated QFC relationship manager is appointed to provide guidance on the registration process, obtaining a license and setting up operations. As part of the department’s role, it provides expert insight and navigation across all aspects of setting up a business in Qatar: from immigration, taxation, compliance, company registration, employment standards, licensing, facilities and much more.
QFC also cooperates with other local institutions in the State of Qatar as it believes it is important to work with various Qatari platforms to attract companies wishing to invest in the country.
Managing Director of Business Development in Qatar Financial Center said, “the availability of different platforms for investors looking to enter the market is actually a great advantage as investors have varying needs, and each of the frameworks available in Qatar caters to different requirements.”
HE Sheikha Alanoud bint Hamad Al-Thani added, “There is considerable cooperation between QFC and other government entities that also license companies to do business in Qatar. For instance, we work very closely with the Ministry of Commerce and Industry to coordinate efforts, Aspire Zone Foundation and many others. The fact of the matter is that we are all united in working towards the common goal of supporting Qatar’s economic diversification efforts and in attracting foreign direct investment.”
QFC is working with key international partners to support the growth of services in the State of Qatar. The Center made numerous partnerships with international institutions and organizations to support digital and financial services and develop financial technology in the country. The Center seeks, through these agreements, to benefit from the expertise of foreign companies institutions to develop various industries and service sector within the country.
QFC’s importance lies in the mechanisms and regulations it adopts, which allow it to assist international companies in establishing and preparing to enter the Qatari market through facilitating the process of obtaining licenses, residency procedures, taxes and other procedures, in addition to the legal and tax benefits the Center provides to its customers.
The existence of QFC and the partnerships it makes with international companies and institutions highlights Qatar’s unique position as an attractive destination for foreign investors and confirms the country’s ability to create a strong economy based on various industries, not just hydrocarbons.
Doha
Qatar Financial Center (QFC) serves as a beacon of investments and an enabler of economic growth in Qatar.
With its unique characteristics, it seeks to enhance Qatar’s position as an attractive and rewarding destination for companies looking to expand their operations in the Middle East.
QFC’s role is not limited to contributing to the diversification of the Qatari economy through the hundreds of companies operating under it, it also contributes toward achieving Qatar National Vision 2030 and transforming the Qatari economy into a knowledge-based economy.
QFC is the home of approximately 670 companies that operate across different sectors including financial services, media, technology, sports, consultancies, and many others. These companies range from corporate banks, and holding companies, to professional service companies and special purpose companies.
The total assets under the management of the businesses registered on the QFC platform have exceeded $20 billion. Companies registered on QFCs platform come from around the world including Qatar, the US, the UK, India, France, Switzerland, China and many others.
QFC aims to inject even more investments and foreign capital into the Qatari economy, according to Sheikha Alanoud bint Hamad al Thani, Managing Director of Business Development at QFC.
In an exclusive interview with Qatar News Agency, Sheikha Alanoud said, “We recently announced a new strategy which includes a renewed focus on specific service industries including digital, media, sports, and financial services. Additionally, our new strategy also focuses on further developing partnerships as part of a New Emerging Belt Initiative (NEBI), an economic corridor that focuses on building strategic alliances with markets such as Kuwait, Oman, Turkey, Pakistan and India.”
She added that these new emerging markets have been identified because they possess a large potential for future growth, especially considering that their combined GDP is estimated to be approximately $2.1 trillion, with total global foreign direct investment (FDI) from these markets exceeding $150 billion.
QFC has already taken significant steps to activate their new strategy. The Centre signed numerous partnerships with key stakeholders in each of its new focus clusters.
For example, it signed a memorandum of understanding (MoU) with Aspire Zone Foundation to establish Qatar’s Sports Business District, which aims to attract multinational sports companies to establish a presence in Qatar.
For the digital sector, QFC recently signed MoUs with the Ministry of Transport and Communications, the Communications Regulatory Authority, as well as Ooredoo.
Sheikha Alanoud said, “We also work closely with a number of leading international stakeholders to fulfill our objectives and we recently signed MoUs with two French organizations - Paris EUROPLACE and Finance Innovation, to support the growth of Qatar’s digital and financial services industries.”
Paris EUROPLACE is responsible for promoting and developing the Paris financial marketplace. Finance Innovation was launched by the French Ministry for the Economy and Finance in 2007 to stimulate the Paris financial centre and encompasses 480 member organisations and companies.
“We recently partnered with European Fintech platform B-Hive, to work closely together to develop the Fintech industry in Qatar. These are but a few examples of the ways in which we have already started working towards achieving our strategic objectives, with many more in the pipeline for the near future,” she noted.
In addition to its role in promoting investment and supporting economic growth in Qatar, QFC also plays an important role in supporting Qatar’s efforts to host the 2022 FIFA World Cup and strengthening partnerships with other institutions.
The sports industry is one of the QFCs strategic focus clusters. The estimated size of the global sports industry surpassed the $1 trillion mark in 2017, while the market size of the sports sector in Qatar is expected to reach $20 billion by 2023. Thus, there are many opportunities and sizeable potential for investments that QFC wish to fully utilise through these collaborative partnerships.
Sheikha Alanoud said QFC has already achieved significant milestones in sports sector.
She said in February 2019, the QFC welcomed the FIFA World Cup Qatar 2022 LLC to its platform.
The joint venture will be responsible for key aspects of the 2022 edition, such as planning and delivery of operations and services for the tournament and is one of many such companies involved directly and indirectly in World Cup preparations.
Qatar Sportstech, a leading accelerator programme for innovative companies in the sports industry, is another sports entity that has been incorporated on the QFC platform.
She emphasised how QFC provides an unparalleled platform for start-ups to proactively scale up their business and demonstrate their product to leading corporations, leading sporting events and the ever-growing sports community.
Sheikha Alanoud said QFC also licenced several other businesses in the sports services industry such as MCA City Advertising, SBC Sports Tech, Bootcamp and many others.
In terms of partnerships, she said, “Our MoU with Aspire Zone Foundation (AZF) will see us work closely together to establish the Sports Accelerator Qatar Business District, which is the first of its kind in the region. The national project aims to create the premier sports business cluster in Qatar and the Middle East.
“The MoU will also see QFC and AZF collaborate on numerous initiatives aimed at developing and promoting the sports industry. Its goal is to attract large sports-related multinationals, promote the setup of sustainable businesses and start-ups and facilitate the commercialisation of sports-related products and services by offering unique incentives and service packages, which include QFC designated locations in the Sports Accelerator Qatar Business District.”
QFC had made plenty of proactive efforts and initiatives to attract foreign companies and investments from various markets around the world.
In 2018, QFC successfully organised a number of international roadshows and events that took it to important markets like Spain, France and China, where it held high-level business-to-business meetings and discussions aimed at further strengthening its partnerships and facilitating business development.
Given that Islamic finance is also a key focus area for QFC, it hosted an Islamic finance panel on the sidelines of the annual meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Bali, Indonesia.
“This high-profile event brought together some of the most respected international experts on the topic to explore the key challenges and opportunities facing the Islamic finance industry,” she said.
Furthermore, QFC has already participated in a variety of international economic events in France, Germany, Turkey, and many other markets.
“This year, QFC has plans to organise roadshows in key markets around the world including Asia and Europe,” she said.
Regarding QFC’s contributions to Qatar National Vision 2030, Sheikha Alanoud said, “QFC has made significant strides in supporting the economic development pillar of the Qatar National Vision 2030 - in fact our objectives and strategy are fully aligned with our nations vision....This includes our numerous initiatives that focus on community development as well as youth and financial literacy.
For example, this year we helped organize Global Money Week Qatar for the second consecutive year to teach financial literacy to primary school students.
QFC also believes in nurturing a world-class professional workforce, and as such we have established the Qatar Finance and Business Academy (QFBA) to develop the skills and experience of professionals in the finance industry.
The QFBA has partnered with Northumbria University, which is one of the largest and oldest public research universities in the UK, to offer its students specialized courses.”
Despite the regional challenges Qatar faced recently and the unjust blockade imposed on it by neighbouring countries, it retained its position as an economic hub as seen by its top position globally for paying taxes according to the World Bank’s Ease of Doing Business 2018 rankings.
In August 2018 Qatar was ranked first in the Arab world in the Global Entrepreneurship Index, a key indicator of innovation, growth, and a healthy entrepreneurial ecosystem.
More recently, Qatar was ranked as the second-most competitive economy in the region for the second time in a row, and 30th globally, according to the World Economic Forum’s Global Competitiveness Report 2018.
Qatar has also been consistently ranked as the safest country in the Middle East and the World in 2017 and 2018.
Sheikha Alanoud affirmed that QFC has also witnessed tremendous growth during this period, despite the regional challenges that remain to this day. The year 2017 was the fastest growth period in the QFC’s 13-year history since its establishment in 2005.
The Centre followed this with even more growth in 2018, which saw an increase of 31 percent in the number of firms registered on its platform.
QFC continues to see a steady rise in the number of companies that joins it. It now has 670 listed companies. At the beginning of the blockade, many international companies opened branches and holding companies in Qatar on the QFC platform, which is indicative of the importance of the Qatari market and its flexibility and resilience.
The cooperation of many international and domestic companies with QFC and the continued interest of investors in establishing and operating in the Qatari market is a testament to the Centre’s contribution to the economic component of Qatar National Vision 2030.
Although Qatar provided multiple platforms for investors who want to operate within the Qatari market, QFC is unique due to its legal and tax frameworks, in addition to its strategy, which focuses on investing in various sectors and developing more partnerships with local and global companies.
HE Sheikha Alanoud bint Hamad Al-Thani spoke about the characteristics and mechanisms that differentiated QFC and contributed to its mission of cooperating with international companies. She said, “ever since its inception in 2005, the QFC’s platform has offered a world-class legal and tax framework for businesses looking to establish their presence in Qatar and the region. In fact, we offer companies a transparent, accessible and reliable operating environment based on English common law as well as providing businesses with access to an independent judiciary, the Qatar International Court.”
Additionally, she pointed out that Qatar and QFC offer a compelling tax environment combining efficiency and attractiveness with alignment to international standards and best practices. Hence, only a 10 percent corporate tax on locally sourced profits is levied, with most expenditures are tax deductible which results in lowering the taxable profits. Companies established on the QFC’s platform also benefit from an efficient double tax agreements network with 81 countries around the world.
QFC also focus on facilitating the licensing process and helping companies establish their branches and start their projects within the country as HE Sheikha Alanoud bint Hamad Al-Thani said, “with our knowledge and experience of the Qatari business environment, we take pride in ensuring that every newly-licensed business starts their operations on schedule and, most importantly, hassle-free.”
She pointed out that setting up on QFC is very simple. Once a company applies to QFC with a business case, dependent on the type of business, it can take only 3 days to receive a strategic fit. Once a strategic fit is approved, QFC can provide licensing in less than five days.
Furthermore, the Center focuses on customer service. The Client Affairs Department in QFC plays a key role in supporting and building its client relationships. A dedicated QFC relationship manager is appointed to provide guidance on the registration process, obtaining a license and setting up operations. As part of the department’s role, it provides expert insight and navigation across all aspects of setting up a business in Qatar: from immigration, taxation, compliance, company registration, employment standards, licensing, facilities and much more.
QFC also cooperates with other local institutions in the State of Qatar as it believes it is important to work with various Qatari platforms to attract companies wishing to invest in the country.
Managing Director of Business Development in Qatar Financial Center said, “the availability of different platforms for investors looking to enter the market is actually a great advantage as investors have varying needs, and each of the frameworks available in Qatar caters to different requirements.”
HE Sheikha Alanoud bint Hamad Al-Thani added, “There is considerable cooperation between QFC and other government entities that also license companies to do business in Qatar. For instance, we work very closely with the Ministry of Commerce and Industry to coordinate efforts, Aspire Zone Foundation and many others. The fact of the matter is that we are all united in working towards the common goal of supporting Qatar’s economic diversification efforts and in attracting foreign direct investment.”
QFC is working with key international partners to support the growth of services in the State of Qatar. The Center made numerous partnerships with international institutions and organizations to support digital and financial services and develop financial technology in the country. The Center seeks, through these agreements, to benefit from the expertise of foreign companies institutions to develop various industries and service sector within the country.
QFC’s importance lies in the mechanisms and regulations it adopts, which allow it to assist international companies in establishing and preparing to enter the Qatari market through facilitating the process of obtaining licenses, residency procedures, taxes and other procedures, in addition to the legal and tax benefits the Center provides to its customers.
The existence of QFC and the partnerships it makes with international companies and institutions highlights Qatar’s unique position as an attractive destination for foreign investors and confirms the country’s ability to create a strong economy based on various industries, not just hydrocarbons.
