Qatar Financial Centre licences 505 new businesses in 2024
25/08/24
Qatar Financial Centre (QFC), the States onshore financial and business hub, has reported a substantial increase in new company registrations during the first half of 2024.
QFC registered 505 new firms in this period, marking a 230% rise from 149 firms across the same timeframe last year. This surge brings the total number of companies on the QFC platform to over 2,200. Interestingly, the technology sector emerged as the largest contributor to this growth, accounting for nearly 38% of newly registered firms. This impressive figure can partly be attributed to QFC’s strategic presence at the Web Summit 2024 in Doha in February. During the event, QFC provided exclusive incentives for companies registering on-site, thereby boosting tech sector representation.
Most importantly, such initiatives align with the Qatar Financial Centre`s broader strategy to attract foreign investments, diversify Qatar’s economy and establish the country as the GCC`s leading tech hub. As a result, the QFC is continuing its mandate to attract new companies wishing to take advantage of the remarkable business opportunities available in the State of Qatar. Contact our experts for assistance.
Significantly, the financial services sector also showed notable growth, with 10% of new firms focussing on this domain. The majority of these firms originated from the United Kingdom, USA, France, Jordan and India, encompassing a diverse range of industries, including advisory services, fintech, information Technology (IT) and innovation.
In addition, the QFC has strengthened its network through various partnerships and agreements. Over the first half of 2024, QFC signed 12 Memoranda of Understanding (MoUs) with notable local and international organizations, including Masraf Al Rayan Bank, MEEZA QSTP, the Hashgraph Association, the Chartered Institute for Securities and Investment (CISI) and the Financial Services Development Council (FSDC) of Hong Kong.
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