Qatar Tourism Authority (QTA) and the Qatar Financial Centre (QFC) have signed a memorandum of understanding aimed at facilitating the establishment of business events companies in Qatar.
Through the agreement, QFC has added business events companies to the list of entities which can be licensed and incorporated in to QFC’s regulatory framework. This makes it significantly easier for international exhibition and event organising companies to establish a presence in Qatar, in turn helping to contribute to the growth of business events, a priority sub-sector of Qatar’s tourism industry.
DMG Events LLC, global producer of market-leading exhibitions and conferences, has become the first such company to enter the Qatari market under this agreement.
“QTA has been working closely with various authorities to introduce policies that support our efforts to attract foreign investment to Qatar’s tourism sector, and we are grateful to QFC for helping us to take an important step forward in this area,” commented Saif Al Kuwari, Director of PR & Communication at QTA.
“Qatar offers a variety of investment avenues across the full value chain of tourism products and services, including those needed to attract and host successful business events. We are pleased that DMG Events recognises the strong prospects that the Qatar markets offers and look forward to working with them to tap into the sector’s potential.”
Companies licensed and incorporated into QFC benefit from its unique legislative framework, which allows quick and easy set up process, repatriation of 100 percent of profits and 100 percent foreign ownership.
Commenting on the signing, Kamal Naji QFC Authority's Chief Strategy and Business Development Officer, stated, "Our efforts in collaboration with QTA are aimed at facilitating the establishment of business events companies in Qatar as the nation continues to welcome some of the biggest financial, sport and cultural events in the region. I am confident that DMG Events will contribute positively to the diversification and development of the private sector."
The MoU between QTA and QFC also paves the way for a joint study of the tourism industry in Qatar, which aims to provide investors interested in the country’s tourism sector with the insights needed to make sound business decisions.
The incorporation of business events companies under QFC comes as the business events sector enters a period of significant growth, with over 150 business events, including exhibitions, conferences, congresses and corporate meetings taking place in Qatar annually. QTA works with local and international events organisers, venues, and suppliers to ensure that the industry is operating at the highest standards, attracting regional and global business events and in turn, business tourists.
DMG Events is set to launch a number of trade exhibitions in the coming year, including one focussing on interior design and another on the building services industry. DMG Events is a wholly-owned subsidiary of the Daily Mail and General Trust plc, one of the largest media companies in the United Kingdom. It was founded in 1989 and now manages over 80 events in up to 25 countries each year.
