With high economic growth and supportive policies for private sector, Qatar has emerged a preferred destination for companies across the world. The recent data show that several companies are choosing Qatar to grow their business despite the challenging environment created by COVID-19 outbreak.
Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, exhibited steady growth during the first half of 2021 despite the ongoing COVID-19 disruption, with the number of registered firms on the platform witnessing 32 percent increase since H1 (first half) 2020.
A total of 136 firms from several countries launched their businesses in Qatar by registering on the QFC platform during the first half of this year. The firms, mainly originating from UK, Canada, India, Lebanon, and Qatar, represent key sectors including digital, financial services, and sports, continuing to bolster Qatar’s increasingly flourishing economic landscape.
QFC witnessed a significant increase of 63.7 percent in the number of new firms licensed on the QFC platform in 2020, compared to 2019. The QFC registered 334 firms in 2020, compared to almost 200 firms registered over the same period in 2019.
Ending the year on a high note, the QFC maintained its business growth for the 8th consecutive year, despite the unprecedented global economic slowdown as a result of the COVID-19 pandemic. The expansion of the QFC registered firms, which represents a variety of industries, both financial and non-financial services, included a record increase of 139.5 percent in the digital sector. The QFC also continued to leverage its support to other firms across its strategic clusters, namely sports, media and financial services, registering 62 newcomers from these sectors.
The year 2020 saw the QFC’s implementation of support measures in the face of the COVID-19 outbreak, which offered relief to its registered firms, in addition to new policies that create opportunities for firms looking to tap into the Qatar’s flourishing market. This included a legal services policy, which ensures that new QFC licensed legal firms have the capacity and expertise to serve international clients across geographic boundaries.
With Qatar expecting to experience substantial economic growth this year, QFC continues to receive increasing interest from global businesses expanding to Qatar and the wider region. More than 1,100 firms have so far been registered on the platform, surpassing QFC’s target of registering 1,000 active firms by 2022, a major step in diversifying key economic sectors, including digital, financial services, sports, and media.
