(MENAFN- The Peninsula) The Peninsula
Qatar Financial Center (QFC) Chief Executive Officer Yousuf Mohammed Al Jaida (pictured) said yesterday the proposed Qatar Financial Centre Law, which is expected to be issued soon, will be a game changer in the regional financial market. The QFC's new strategic plans will help empower the financial centre capable of competing with several regional and international financial centres, including Dubai, he added.
The total number of companies in Qatar Financial Centre has reached 410, with direct investment volume estimated at QR75bn. Over the next five years, the volume of direct investments is expected to double to QR200bn.
'It (the new law) will be a quantum leap in facilitating the entry of QFC companies to the local market, and comes in support of the country's efforts to diversify sources of income and strengthening the capabilities of Qatar International Court and Dispute Resolution Centre, thereby enhancing the attractiveness of the QFC platform for local companies wishing to expand beyond the borders of Qatar and foreign companies wishing to expand in the country and the region in general, QNA reported.
Al Jaida said the upcoming Financial City will be open to all businesses, local and international and will not be restricted exclusively to QFC licensed firms. The new strategy for the QFC will be announced soon aiming at making it a regional and international competition platform outside the Gulf region with expansions in South East Asia and some selected countries in the region, providing new business markets for Qatari companies wishing to expand into new and rich geographic markets.
Al Jaida underlined the Center's commitment to the recently launched road map, which aims to attract more than 1,000 companies and create more than 10,000 jobs in the financial and non-financial sectors in the country by 2022, in addition to achieve triple the growth in the assets of companies licensed by QFC, and to reach 5 percent of the market value of the Qatar Stock Exchange (QSE).
Al Jaida noted that the new strategy is an initiative to create some business activities and investment opportunities in a number of countries to compete with Dubai Financial Centre. The addition of the new offices will be announced and their access will be facilitated through QFC.
Through its new strategy, the Centre aims to attract regional and international offices that specialise in several countries in the region to serve more than one market within the country.
Al Jaida noted that the strategy will also facilitate access to these countries, which are five regional countries to be announced soon and to be allied with them at the government level in order to facilitate the access of international companies to the Qatari market.
Al Jaida also revealed that two Qatar Stock Exchange portfolios will be announced soon and will be managed by Qatari companies licensed by the Qatar Financial Centre.
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