17 Apr 2018 - 0:00
QFC reaches halfway mark in its 2022 roadmap
DOHA: The Qatar Financial Centre has announced it has reached the halfway mark in the number of firms it is aiming to register by 2022.The total number of firms on the QFC platform has reached 507 firm as at 31 March 2018.
The QFC 2022 roadmap, which was announced last year, outlined the QFC objectives as Increase the number of licensed firms to reach 1,000, create 10,000 jobs within the QFC ecosystem, triple the licensed firms’ assets under management and increase QFC firms’ participation on QSE with the goal of reaching 5 percent QSE market capitalisation Despite the blockade, 2017 was the most successful year for the QFC in its 13-year history.
For the period 06 June 2017 to 31 March 2018 the QFC registered 120 firms.In comparison, the previous year 06 June 2016 to 31 March 2017 the QFC registered 60 firms. The QFC has doubled registrations year-year for the same period, Yousuf Mohamed Al Jaida (pictured), Chief Executive Officer, QFC Authority stated yesterday.
“We are delighted to announce that over 500 firms have chosen the QFC platform to conduct business from Qatar. Local, regional and international firms continue to see the multi-billion dollar investment opportunities that are available in our unsaturated market which is why we continue to see businesses interested in the openness of Qatar as a market and in the attractiveness of our platform,” he said.
Despite last year’s challenges, QFC is well on track to reaching the goals it set out last year. QFC’s model is unique in the region, and this is clear in the number of institutions from around the world who are continuing to see the benefits of coming to Qatar and joining the QFC platform, Al Jaida said.
The geographical distribution of QFC firms spans across the globe with most recent statistics show that of the 507 firms registered under the QFC, 46 percent from Qatar. Europe (24%), North America (11 percent), Mena excluding Qatar (11 percent) and Asia Pacific (8%). The rest of the firms span from Africa and South America.
In terms of the type of firms the QFC licenses, they can be divided into two main sections, regulated and non-regulated. Regulated activities are those conducted by financial service firms, such as banking, investment banking, asset management, insurance and reinsurance Examples of non-regulated activities include consultancy firms, law firms, events management companies advertising agencies to name a few.
Since its inception in 2005, QFC has continued to play a key to attract foreign direct investment by providing a competitive platform for firms to expand to Qatar. The QFC recently amended its tax rules and regulations as part of the ongoing enhancement and development of its platform to better attract investments.