Qatar Financial Centre (QFC) is on track to license 1,000 new firms and create 10,000 jobs by 2022, QFC Authority CEO, Yousuf Mohamed Al Jaida, said at an exclusive press conference that was organized to reveal QFC’s five-year roadmap. Those attending the event, were also given a preview of QFC’s biggest TV campaign to date.
Yousuf briefed the media about the achievements in 2016, highlighting the much anticipated move to Qatar’s financial city in Msheireb Downtown Doha and the listing of licensed-firm Qatar First Bank.
Yousuf also reminded attendees of the vast benefits of setting up at the QFC including the fact that it had its own legal, regulatory, tax and business environment. This allows companies in QFC to enjoy 100% foreign ownership, 100% repatriation of profits, and a competitive corporate tax rate of 10% on locally sourced profits. These benefits have made QFC one of the leading and fastest growing financial centers in the world.
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 initial 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.
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; Treble the growth of QFC firms’ assets and Reach 5% QE’s market capitalization.
“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,” he added.
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.
This article is from BQ Magazine’s Issue 43 – April 2017.
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