The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, has been recognised by the International Finance Magazine (IFM) as “Best Private Sector Developer” for their efforts to diversify Qatar’s economy.
The QFC Authority manages and maintains the QFC legal and tax environment, and licenses firms to conduct business in or from the QFC. The Authority also develops relationships with the global financial community and other key institutions, both within and outside Qatar, helping to develop the country’s private sector.
Commenting on the recognition Yousuf Mohamed Al Jaida (pictured), QFC Authority Chief Executive Officer, said: “Since our establishment, we have worked to develop and diversify Qatar’s private sector in line with the objectives set out in the QNV 2030. Now more than ever, we will continue to support the development of a world-class financial and non-financial service industry and broaden our platform to cater to the needs of the country and reaffirm our economic attractiveness as a nation.”
“On behalf of everyone at the QFC, I would like to thank the IFM award committee for their vote of confidence in our management, professionalism and accomplishments. This award is further proof of the QFC’s continuous efforts to fulfill its mandate of diversifying Qatar’s economy”, he added.
The IFM recognises and honours individuals and organisations in the international finance industry that make a significant difference and add value. The award comes following the QFC’s recent announcement of its first half results for 2017, which saw a 41 percent increase in the number of firms licensed compared to H1, 2016. The firms, which come from a variety of sectors, originate mainly from Europe, MENA and the Asia Pacific region.
The QFC, as a financial centre, is 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 percent foreign ownership, 100 percent repatriation of profits, and charges a competitive rate of 10 percent corporate tax on locally sourced profits. It welcomes a broad range of financial and non-financial services firms.
