QFC Continues to Focus on Foreign Direct Investment Flow to Qatar

Doha, December 12 (QNA) - Chief Executive Officer, at Qatar Financial Centre Authority (QFC) Yousuf Mohamed Al Jaida affirmed that the promotion of the flow of foreign direct investment to the country remains the most important areas of focus of QFC, which will continue to work during the next year 2019 and beyond. This came in a speech delivered at the "2019 Opportunities And Challenges" conference, hosted by Chartered Financial Analyst (CFA) Institute in Doha with a strategic partnership with the Qatar Financial Center, during which the key economic, strategic and investment issues of 2019 were discussed. Al Jaida said: We have already seen a significant 27% increase in FDI inflows between 2016 and 2017 thanks to the rich offerings of Qatar's markets - according to a 2018 United Nations report. While the global economic landscape remains as volatile as ever, Qatar's economy has undoubtedly persevered both international and regional turbulence. In fact, last week Moody's noted that Qatar banks will continue to have a stable outlook for 2019, in their "GCC Banks for 2019" report. Citing improving operating conditions, solid loan performance and strong capital, the report shows that Qatar's banking system is stable in all the seven components of credit drivers - one of only two countries in the region to do so. The 2019 outlook for other financial indicators is also promising, last month, the IMF projected that Qatar's GDP will grow by 2.4% in 2018 - which is perhaps the clearest indicator of the versatility of the economy and its robust financial sector. He also said that all indicators point to a continuation of this increase in FDI, despite an overall downturn in FDI in the region, according to a recent Bloomberg report, overseas institutional investors were net buyers of about USD $2.3 billion of shares that were traded on Qatar's Stock Exchange this year - this is more than triple the foreign flows of some neighboring countries. This is of course due to Qatar's well-established economic resilience, as well as prudent national fiscal policies that provide a comprehensive framework for foreign investors. Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority said: "To this end the QFC has seen excellent growth and we are proud to say that we have over 590 firms registered on our platform today - this is well past the 50% mark of our strategic goal of registering 1,000 firms by 2022" He also noted that while the future for Qatar and the QFC is certainly bright, the global economy is a lot less predictable - which is why events such as this are incredibly important. "I am confident that these discussions will lead to a greater understanding of what 2019 will have in store." For his part, the Managing Director of Europe, the Middle East, and Africa (EMEA), Gary Baker, said in his speech that Qatar has taken important steps in building an efficient and transparent financial sector, such as enhancing investor protection through standards, codes of conduct and talent building through professional development in line with CFA institute in Doha to promote ethics and professional standards of the field and promote market integrity. Following the opening speeches, there was a panel discussion of experts who shared their views on the current state of Qatar's economic environment and future challenges and opportunities. They also discussed the major crises facing the global economy in 2019, particularly the impact of the trade war and the normalization of interest rates, as well as reviewing the views on the 2019 potential asset allocation strategy. QFC strives to strengthen Qatar's position as an attractive and rewarding destination for companies looking to expand their operations in the Middle East and take advantage of business opportunities in the country. Once a company applies for a license, the QFC appoints a specialized director to provide guidance services on the process of registering, obtaining a license and starting business in Qatar. Companies operating under the QFC umbrella have many competitive advantages, such as working in a legal environment based on English Common Law, the right to trade in any currency, the right to foreign ownership by up to 100%, the possibility of transferring the entire profits abroad, and a commercial tax not exceeding 10%on domestic profits, and operate within a network under an expanded double taxation agreement of more than 70 countries. In addition, Employment Standards Office is the first MENA employment dispute management center to operate in accordance with ILO standards. The Employment Standards Office is in line with Qatar National Vision 2030 and aims to promote international best practices in the field of capital Human. The Chartered Financial Analyst (CFA) is a global association of investment professionals that sets a standard for excellence and professional recognition. The Institute is a leader in ethical behavior in the investment markets and a respected source of knowledge in the global financial community. The ultimate objective of the Institute is to create an environment that takes investors first, and achieve growth of economies. (QNA)