ADVOCACY: We mean business
At the heart of Qatar’s robust economic landscape, the Qatar Financial Centre provides a multitude of opportunities for private sector businesses and will become home to 1,000 domestic, regional and international firms by 2022
Qatar is one of the fastest growing economies in the world and the second most competitive in the Middle East. According to IMF calculations, its GDP is expected to grow by 2.6% in 2019 and 3.2% in 2020.
Established in 2005, the Qatar Financial Centre is the powerhouse of this economy and a catalyst for development and diversification in Qatar, providing a world-class commercial, legal and regulatory environment where firms thrive.
Testament to its success, the Qatar Financial Centre recorded 66% growth in 2017 and a further 31% growth in 2018. The QFC is currently home to over 670 firms. These firms have more than $20 billion in assets under management, and include a range of businesses from the Bank of China Qatar, to Bloomberg, Oracle, KPMG and others.
KEY SECTORS
Qatar’s diversified private sector provides lucrative growth opportunities in varied industries, from finance and manufacturing, to media, technology, construction and hydrocarbons.
The country’s distinctive business environment is almost exclusively powered by SMEs, which constitute 96% of the 25,000 registered private sector entities.
Both the LNG and non-hydro carbon sectors are growing significantly – in fact, non-hydrocarbon output grew by around 6% during the first half of 2018, including in the financial sector.
Additionally, the contribution of the non-oil sector to GDP at constant prices, was approximately 52% in 2017.
UNIQUE PROPOSITION
In terms of competition and ease of access, Qatar’s business environment is characterised as being one of the most versatile in the world.
Qatar is the second most competitive economy in the region and the 30th globally. Additionally, the World Tourism Organization named Qatar the most open business environment in the Middle East, and eighth in the world for visa facilitation.
As the country and its financial centre look to the future, these advantages will grow further through the ongoing digitalisation of the economy – the benefits of which are already emerging.
In 2017, Qatar ranked first globally for internet penetration at 99%, according to the Digital in 2018 Insight Report.
Emboldened by this success, the QFC is now working towards hosting 1,000 firms by 2022. To achieve this, the QFC will create 10,000 private sector jobs, reach 5% capitalisation on the Qatar Stock Exchange, and establish a financial city in the prestigious Msheireb Downtown Doha.
The expansion will be pioneered by the QFC CEO Yousuf Mohamed Al-Jaida, and aims to support the realisation of the objectives outlined in the Qatar National Vision 2030.
Not only will this next generation of firms have the chance to position themselves in a fast-growing regional economy, they will also benefit from Qatar’s extensive DTA network with 81 countries, up to 100% foreign ownership, 100% repatriation of profits, trading in any currency, a transparent operating environment based on English common law, and extensive set-up support.
