Qatar Finance Center recorded higher growth in the number of companies in 2024 | economy

836 new companies joined the Qatar Financial Center’s business platform during the year 2024, recording the highest growth rate in the number of companies registered since its foundation, bringing the total number of companies registered with the center to 2489 companies, with a total manager of more than 33 billion dollars and with a number of employees exceeding 11700 employees.

These companies represent more than 90 countries, and the largest number of new companies from Britain, India, the United States, Jordan, Turkey, France and Lebanon, along with Qatar with multiple activities and sectors, including financial technology, consulting services, and media.

The effective participation of the Qatar Financial Center in the first version of the 2024 web summit hosted by Doha in February was reflected in attracting a large number of companies operating in the technology sector that acquired the largest share of the total number of registered companies at a rate of 26%.

The center had provided exceptional facilities and incentives for companies that registered during the web summit, as part of its contribution to attracting foreign investments, diversifying the national economy and supporting the state’s efforts to become a center for technological development in the region.

As part of his efforts to provide an attractive vital environment for investments, the Qatar Financial Center signed 24 memoranda of understanding with many banks and institutions, most notably the Qatar Islamic Bank, Al Rayyan Bank, Dukhan Bank, Hashgraph Society, and Carted Institute for Securities and Investment.

In order to facilitate the establishment of business in Qatar, the Qatar Financial Center signed a memorandum of understanding with the media city Qatar and a cooperation agreement with the Qatar Oasis for Science and Technology.

The Qatar Financial Center’s agenda came in the year 2024 buses with activities, the most prominent of which was:

• Hosting the 20th edition of the Commercial Registration Forum conference, which was held for the first time in Qatar, “innovative records: tools for enabling future business”.
• The center, in cooperation with Bloomberg, organized the Qatar Financial Markets Forum, which was held under the title “Trends affecting the scene of emerging markets, sustainable infrastructure and transportation.”
• The center hosted the Family offices forum, which discussed the variables, challenges, emerging growth opportunities and strategies necessary for the success and sustainability of family companies.
• The Qatar Center continued its participation and sponsorship of a number of local and international events, most notably the seventh International Conference on Islamic Finance and the Qatar Economic Forum, and the annual conference of the Arab Capital Capital Union.
• The center inaugurated the digital assets laboratory, which started its activities last year with 29 participants, and aims to provide the necessary resources and constant support for entrepreneurs.
• The center has issued a legislative framework for regulating digital assets, which includes a legal structure for the creation and regulation of digital assets, including the coding processes.

Commenting on these achievements, the CEO of the Qatar Financial Center, Youssef Mohamed Al -Jaida, said, “The exceptional growth in the Qatar Financial Center in 2024 reflects our continuous efforts to provide an advanced and attractive business environment for local and international companies. These qualitative achievements would not have been achieved without the concerted efforts of all business units In the Qatar Financial Center, in addition to close cooperation and strategic partnerships with our partners, customers and stakeholders. We have been able to promote innovation and support economic growth in Qatar and we look forward to achieving more achievements in the coming years.

The Qatar Financial Center was established to be active within the state, as it provides a business platform for companies wishing to establish and carry out their activities in Qatar or the region in general. The Qatar Financial Center also has a special legal and organizational framework, a tax system and a firm business environment that permits foreign ownership by up to 100%, deporting profits by 100% and a tax on companies at a competitive rate of 10% on profits from local sources.