505 new firms join Qatar Financial Center's platform in the H1 2024, tech sector contributes largest share

505 new firms join Qatar Financial Center’s platform in the H1 2024, tech sector contributes largest share

Posted by Admin August 19, 2024 Tech

Largest contributor to center’s growth was the tech sector with around 38 percent of total registrations during the first half of 2024

The Qatar Financial Center (QFC), a leading onshore financial and business center in the region, recently reported an impressive increase in new company registrations, reaching 505 firms in the first six months of 2024. This marks a 230 percent increase from 149 firm registrations during the same period last year, bringing the total number of firms on the center’s platform to over 2,200.

Tech sector propels growth

The Qatar Financial Center also noted that the largest contributor to this growth was the tech sector with around 38 percent of total registrations during the first half of 2024. The center’s strong presence at the Web Summit 2024 in Doha last February significantly contributed to the sector’s growth, where it offered special incentives for companies registering during the event.

This also falls in line with its efforts to raise inflows of foreign investments, diversify the economy, and position the country as a leading tech hub in the region.

The financial services sector accounted for 10 percent of the new registrations at the Qatar Financial Center in H1 of 2024. The majority of these firms came from the U.K., France, Jordan, India, and the U.S. and represent a diverse range of industries, including advisory services, fintech, IT, and innovation.

Read: Saudi central bank reports strong growth in reserve assets, reaching $467.4 billion in Q2 2024

QFC expands international footprint

During the first half of 2024, the Qatar Financial Center forged 12 agreements with prominent local and international organizations to further support firms across its platform. Among them are Masraf Al Rayan, MEEZA QSTP, Hashgraph Association, the Chartered Institute for Securities and Investment (CISI), the Financial Services Development Council (FSDC) of Hong Kong, and the Canadian Arab Business Council (CABC).

Moreover, it inked agreements with Media City Qatar and Qatar Science and Technology Park to streamline the business setup process in the country.

To enhance its engagement with local and international business communities, the center also organized several successful events, most notably the Qatar Financial Markets Forum 2024. The forum focused on “Trends Impacting Emerging Markets Landscape and Sustainable Infrastructure and Mobility Sectors”, highlighting developments and opportunities in these fields.

In addition, the Qatar Financial Center hosted an insightful event on wealth management, addressing challenges and spotlighting opportunities in the industry, with a particular emphasis on family businesses in the country.

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