Qatar’s economy is buoyant and prospering. The country has emerged stronger despite the siege because of its policy of economic openness which in turn has attracted more foreign investors into the country. The Qatar Financial Centre, one of the world’s leading and fastest-growing onshore business and financial centres, has experienced a rapid rise in the number of firms joining its platform. It has seen a marked increase in international firms looking to establish their operations in Qatar, which is a testament to the stability and attractiveness of Qatar’s thriving economy.
The QFC plays an active role in developing Qatar’s economy by attracting foreign investors to its business platform. Nearly 90 new companies have joined the platform during the first half of this year, which represents a 21 percent increase in the number of new firms registered under the QFC, as compared to the first half last year. The newly registered companies hail from a diverse range of sectors. In addition to Qatari firms, a great deal of new companies joining the platform have come from Europe, the US, Asia and the MENA region.
Yousuf Mohamed Al Jaida, Chief Executive Officer at QFC Authority, said: “The QFC continues to mark new milestones in terms of firms joining our platform. We are pleased that such a significant number of global businesses have chosen the QFC to establish themselves in Qatar and are taking advantage of the wide range of incentives and frameworks offered by the QFC.”
Raed Al Emadi, Chief Commercial Officer, QFC Authority, said: “We are proud that the QFC has crossed the threshold of 700 licensed firms, all of whom have benefited from our world-class services and streamlined registration process.”
Over the next year, Qatar’s growth is expected to rise to 2.6 percent from 1.6 percent in 2018. According to the 2018 World Economic Forum Global Competitiveness Report, Qatar ranked first regionally in the Global Entrepreneurship Index. The World Bank’s 2018 Gulf Economic Monitor ranked Qatar as first for year-on-year GDP growth in the GCC, making the country a prime business-friendly and investment destination for companies interested in setting up in the region.
Also, Qatar Free Zones Authority (QFZA) announced that it has approved investment applications from major international and local companies totalling more than QR1bn in the first six months alone. QFZA was established 2018 to oversee and regulate world-class free zones in Qatar and to secure fixed investments within the zones. It offers outstanding opportunities and benefits for businesses seeking to establish operations and expand regionally and globally, providing quality infrastructure, a skilled workforce, 100 percent foreign ownership, access to investment funds, tax exemptions and partnership opportunities with Qatari entities.
As one of the world’s fastest growing economies, Qatar offers an array of business opportunities in diverse sectors. The cuntry’s economy is on the upswing and growing at a fastest rate than ever.
