The Qatar Financial Centre in numbers
Qatar’ s Trailblazers |
• More than 500 firms registered across a variety of sectors
• 24 business licenses approved in the first quarter of 2018
• More than 3,000 people within the QFC community
• USD 20 billion combined total assets
Yousuf Mohamed Al Jaida is the CEO of the Qatar Financial Centre Authority( QFC). After talking to Al Jaida, it quickly comes clear that the QFC has a monumental task on its hands:“ Our objective at the QFC is to diversify the economy and position Doha as the region’ s leading financial and commercial capital,” he says.
One way that the QFC contributes to the expansion of a strong private sector is by providing a comprehensive framework for firms to do business in Qatar and the region. This encourages local and international investment, helping to create jobs and opportunities.
Qatar’ s journey towards economic maturity, diversity and sustainability.
However, Al Jaida’ s job does not end there. The QFC is here to support Qatar’ s economy for the long term. As he points out:“ Qatar’ s plans for economic diversification and human capital growth pursuits are well enshrined in the Qatar 2030 Vision.”
Leading such an important organisation can be a daunting challenge at times. When an illegal blockade was imposed on Qatar in the middle of 2017, there was more pressure than ever on the QFC to ensure Doha remains a good place to do business.
period in the QFC’ s 13-year history. We recorded a 66 % increase in new firms being licenced on the QFC platform in 2017 compared to the year before.”
This is something that Al Jaida is especially proud of. He says:“ As I reflect on the year that has passed, I look back with immense pride at everything our team has accomplished. Our success this year is best shown by our record growth.
“ The way our nation and our entity stood up to the challenges of the blockade has been truly inspiring and will always be a proud moment in my career.”
The 2022 FIFA World Cup, to be held in Qatar, has accelerated this aspect of the QFC’ s work. The QFC will provide the necessary legal, regulatory, and financial support to local and international firms working on projects related to the tournament. This enabling framework is an essential part of
Al Jaida did not shy away from this task. Thanks to a series of economic reforms implemented by the State of Qatar in response to the blockade and the hard work of his team, 2017 was the Qatar Financial Centre’ s most successful year on record.
He says:“ 2017 was the fastest growth
For Al Jaida, the future for Qatar and its economy is bright. He concludes:“ I see Doha being a leading business and financial capital by 2022.”
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