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Qatar Financial Centre and World Economic Forum; shaping new agendas

The Qatar Financial Centre (QFC), a premium financial and onshore business entity owned by the Qatari government, hosted the President of the World Economic Forum (WEF), Borge Brende, on Thursday in the Qatari capital, Doha.

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The meeting, attended by top officials of Qatari entities like the QFC and a delegation from the WEF headed by Borge Brende, essentially focused on key developments pertinent to the on-going initiatives under the Forum. Additionally and most significantly, Qatar’s upcoming engagements, especially in the realms of business and finance with the WEF were also part of the agenda-setting.

Qatar Financial Centre, a Leading Onshore Business and Financial Centre

The Qatar Financial Centre (QFC) is a state-owned onshore financial and business entity that focuses on engaging with international partners to provide them with an opportunity to develop their business in Qatar with an easy access ensured through various mechanisms pertinent to ownership and taxation. The QFC is said to provide a competent business ecosystem to its partners that ensures a 100 per cent legal ownership, a 100 per cent hold of profit and only 10 per cent tax imposed on locally sourced profits.

Yousuf Mohamed Al Jaida, CEO QFC, in his welcome note to the WEF delegation expressed his gratitude and willingness to cooperate with the WEF to increase cooperation.

The meeting was attended by key QFC members including, Chief Executive Officer, Yousuf Mohamed Al Jaida; Managing Director for Business Development, Sheikha Alanoud bint Hamad Al Thani; and Chief Marketing and Corporate Communications Officer, Sarah Al Dorani.

Other than members of the QFC, the attendance included senior members of various Qatari investment, banking and financial entities like, Qatar Foundation, Barwa, Commercial Bank of Qatar, Al Fardan Group, Qatar National Bank, Ooredoo, Muntajat, Qatar Petroleum, Qatar Airways, Qatar Development Bank, QFC Regulatory Authority, Qatar Investment Authority, Qatar Islamic Bank, and Doha Bank.

QFC and WEF – Bringing Local and Global Agendas Together

Yousuf Mohamed Al Jaida, CEO QFC, in his welcome note to the WEF delegation expressed his gratitude and willingness to cooperate with the WEF to increase cooperation.

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“It is an honour to host President Borge Brende and other high-level representatives to discuss Qatar’s buoyant ecosystem, and how Qatar can contribute to the WEF agenda. As a member of the World Economic Forum, the QFC is continually working towards engaging with international stakeholders that share the same vision of helping to shape global, regional and industry agendas.” Al Jaida said in his opening remarks.

Al-Jaida, while addressing the efforts of the WEF, an independent international institution that engages with business, political and social leaders to help push agendas on both community and global levels for a sustainable economic health, said “The World Economic Forum has made great strides in providing a platform for leaders across a variety of groups such as business and government to come together in a positive way. Through Qatar’s continued involvement with WEF, we are able to build on the work we are doing with other member organizations to impact positive global change.”

In the aftermath of the crippling economic blockade put on Qatar by its neighboring Gulf States in 2017, Qatar is slowly rising in pursuit of diversifying its economy beyond the regional boundaries.

Qatar- a Diversified Economy

Qatar’s role as an active global liberal economy is quite visibly reflected in its policies for an easy access for foreign businesses to invest in Qatar. Being one of the richest economies as per its increasing GDP growth rate, it ranked sixth in 2015 and seventh in 2016 on the world rankings according to the United Nations, International Monetary Fund and the World Bank.

Being home to the third largest natural gas reservoirs and second largest exporter of natural gas, Qatar’s economy generates 85 per cent of its revenue from natural gas exports.

In the aftermath of the crippling economic blockade put on Qatar by its neighboring Gulf States in 2017, Qatar is slowly rising in pursuit of diversifying its economy beyond the regional boundaries. As Qatar continues to attract more foreign investment through its policies implemented by the QFC, it is expected that it may surpass most of the major oil-producing Gulf States in the near future.

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In addition to its open market policies, its commitment to engage on international platforms, such as the WEF, it is expected for Qatar to mark its presence as a hub for economic leaders.

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