QFC creates five-year roadmap for Qatari private sector
Qatar Financial Centre is on track to licence 1,000 new firms and create 10,000 jobs by 2022, Qatar Financial Centre (QFC) Authority CEO Yousuf Mohamed Al-Jaida said yesterday at a press conference revealing their five-year roadmap.
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.
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.”
Yousuf outlined the five-fold corporate objectives, which aim to establish a financial city in Msheireb Downtown Doha; licence 1,000 firms; create 10,000 jobs in the private sector; achieve 3x growth in QFC firms assets; and reach five per cent QE market capitalisation.
During his speech Yousuf 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 per cent foreign ownership, 100 per cent repatriation of profits, and charges a competitive rate of 10 per cent corporate tax on locally sourced profits. Benefits that make the QFC one of the leading and fastest growing financial centres in the world.
He 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, 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, and Rashid Al‐Saad, CEO of Al‐Sharq Global.
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 licenced-firm Qatar First Bank.
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 unrivalled 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.