QFC's five-year roadmap to shape Qatar's private sector

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QFC to create 10,000 jobs in the private sector

QFC to license 1,000 firms by 2022

QFC appoints leading industry heads to Advisory Board

QFC to launch New Law

QFC launch biggest TV campaign to date

14 March 2017, Doha – Qatar

Qatar Financial Centre is on track to license 1,000 new firms and create 10,000 jobs by 2022, Qatar Financial Centre (QFC) Authority CEO Yousuf Mohamed Al-Jaida said yesterday at an exclusive press conference to reveal their five-year roadmap. The event also witnessed the premier of the QFC’s biggest TV campaign to date.

Yousuf took the media through the 2016 achievements, highlighting the much anticipated move to Qatar’s financial city in Msheireb Downtown Doha and the listing of licensed-firm Qatar First Bank.

During his speech Yousuf also reminded attendees of the vast benefits of setting up at the QFC including having its own legal, regulatory, tax and business environment, which allows 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits. Benefits that make the QFC one of the leading and fastest growing financial centres in the world.

Commenting on the roadmap to 2022, Yousuf said: “Our roadmap outlines the QFC’s progression from 2017 to 2022, when our nation will be the focus of global attention as we host the 2022 FIFA World Cup.”

The five-year roadmap is aligned with the Qatar National Vision 2030 pillars of human, social, economic and environment development, and underlines the QFC's vision to transform Doha into a leading global financial and commercial capital.

Yousuf also commented on the appointment of leading industry heads to QFC’s Advisory Board. The newly appointed Advisory Board will work closely with QFC management to support the QFC in achieving their objectives. The members of the board, who bring expertise and knowledge of the private sector and financial services, will also represent the QFC at prestigious financial events throughout the year in Qatar and abroad.

The five inaugural members are:

Omar Hussain Ibrahim Al-Fardan, President of Al Fardan Corporation LLC

Abdulla Ghurab Al‐Marri, Chairman of Qatar First Bank

Salah Mohamed Al‐Jaida, Chairman of Deutsche Bank MENA Region

Tamim Hamad Al Kuwari, CEO of QInvest

Rashid Al‐Saad, CEO of Al‐Sharq Global

During the event, Yousuf outlined the five-fold corporate objectives, which aim to:

Establish a financial city in Msheireb Downtown Doha

License 1,000 firms

Create 10,000 jobs in the private sector

Achieve 3x growth in QFC firms assets

Reach 5% QE market capitalisation

He added: “We are confident that our new roadmap, coupled with the continuous enhancements to our platform, will successfully contribute to further driving Qatar’s economic development and diversification in line with the Qatar National Vision 2030.”

The launch of the five-year roadmap coincided with the unveiling of the QFC’s 2017 local and international television campaign (TVC) “We mean business.” The one minute-long ad portrays Qatar as the ideal location for businesses to expand East to West, and West to East, through the QFC platform.

“Our 2017 TVC underlines our overall message that we mean business,” said Yousef Abdulla Fakhroo, QFC Authority’s Chief Marketing and Corporate Communications Officer. “It also serves as a reminder to viewers of the unrivaled benefits our platform provides to firms looking to grow and expand their business East to West, and West to East.”

The TVC, which depicts the QFC’s progress as a financial centre, reinforced the entity as the region’s leading platform to facilitate growth and expansion in the Middle East and beyond.

The new campaign will be aired locally and internationally on Qatar’s national carrier, Qatar Airways, on the world’s largest networks and broadcasters, and can be viewed on the QFC’s official website, qfc.qa and YouTube channel, @QFCAuthority and on QFC’s social media platforms on the hashtag #QFCMeansBusiness.

-Ends-

ABOUT THE QATAR FINANCIAL CENTRE
The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits.

The QFC welcomes a broad range of financial and non-financial services firms.

For more information about the permitted activities and the benefits of setting up in the QFC, please visit www.qfc.qa