Finance Minister: Confident QFC Growth will Sustain

Doha, June 23 (QNA) - HE Minister of Finance and Chairman of Qatar Financial Centre (QFC) Ali Shareef Al Emadi has expressed confidence that the Center will witness further growth during the current and subsequent years to enhance its key role in achieving development in the State of Qatar. This came in the statement of HE the Minister of Finance included in the 2018 annual report of QFC, which was issued today. The report reflects the progress made this year towards achieving the QFC objectives. In his Statement, HE Ali Shareef Al Emadi said that 2018 was another successful year for Qatar Financial Centre as it continued to expand and support Qatar's diversification efforts. The platform grew considerably, attracting new firms, forging partnerships and providing valuable services for its members. The level of interest in QFC's offering is at a record high and leading firms from around the world are considering it as both their entry point to Qatar's market and as a hub for regional business. His Excellency stressed that Qatar's economy is proving its resilience and attractiveness to investors, with the World Economic Forum's 2018 Global Competitiveness Report once again ranking it as the second-most competitive place to do business in the Middle East region. Business environment reforms enacted in recent years are starting to show a positive impact and this is a context in which QFC registered firms are well placed to thrive. "Soon the QFC will migrate to Msheireb Downtown Doha, Qatar's high-tech and award-winning urban redevelopment project. This will provide a first-class working environment for employees in QFC firms and facilitate collaboration with their partners and interaction with their clients. This will help to reaffirm QFC's status as a leading financial hub," HE Finance Minister said. "Looking forward, I am confident that QFC's new strategy will deliver good results, including its focus on key business clusters, such as sports services, digital businesses, media and fintech. At the same time, it has deepened its engagement with its core business through the launch of a dedicated Financial Sector Office," His Excellency added. HE Minister of Finance and Chairman of QFC congratulated QFC's management and staff for their dedication and achievement in 2018, saying "I am confident that the Centre will flourish in 2019 and beyond, serving as a core contributor to Qatar's growth". Chief Executive Officer and Board Member of QFC Yousuf Mohamed Al Jaidah said that QFC has seen considerable growth in 2018 and we are proud to now have over 600 firms registered on our platform which is a 31% increase from the previous year. Mirroring state-level efforts, we also took an increasingly proactive approach in connecting with vital markets around the world. To this end QFC successfully organised a number of international roadshows and events that took us to markets like Germany, Spain, France, Indonesia and China, all important markets for Qatar and the QFC. In his statement included in QFC's 2018 annual report, Al Jaidah said that in 2019, the QFC's new strategic focus will be on key industries such as digital, media, sports and financial services, as well as specific markets including Kuwait, Oman, Turkey, India and Pakistan will pave the way to QFC's continued success. "These markets are a central aspect of our New Emerging Belt Initiative (NEBI), which are valued at over USD 2.1 trillion. These sectors and markets have been selected as our new areas of focus due to Qatar's already-established international standing in these fields and markets, as well as their tremendous potential for future growth," he said. Al jaidah added that across all industries, local and international indicators point to Qatar's remarkable stability, with improved ratings reflecting ongoing international confidence in our nation's economy. That comes alongside the 2018 United Nations report that noted a 27% increase in FDI inflows to Qatar between 2016 and 2017. These figures are undeniable proof of Qatar's economic strength and why it is certainly one of the world's most dynamic economies. The QFC 2018 annual report said that the State of Qatar and the Qatar Financial Centre have undoubtedly flourished in 2018, despite all odds, and this success did not occur in a vacuum. Instead, by partnering with key stakeholders in the public and private sectors, locally and internationally, the QFC has taken significant steps in supporting the growth of the local economy. As part of the centre's proactive approach to fulfilling our core mandate of attracting FDI to Qatar, QFC organized a number of international roadshows and events in key markets. It also hosted a successful Islamic finance debate with world leaders alongside the annual IMF and World Bank meetings. According to the report, in 2018 QFC intensified efforts to further attract international business to expand their operations into Qatar's rapidly growing market bringing the total number of companies under QFC to 612; of them 520 are regulated and 92 are non-regulated companies. Following the enactment of our new Netting Regulations in 2017, the International Swaps and Derivatives Association (ISDA) recognized us as an effective netting regime and published a positive legal opinion to its members. This is a significant milestone for Qatar's financial market infrastructure and our world-class legal framework. This initiative will allow financial institutions and corporates in our business community and in the State of Qatar, to confidently manage their risk exposure through QFC's platform. (QNA)