The Qatar Financial Centre (QFC) aims for QAR 91.25 billion (USD 25 billion) of foreign direct investments (FDIs) by 2022. It will translate into the creation of 1,000 new companies and over 10,000 new jobs in the State of Qatar.
These ambitions were announced a week after diplomatic, trade and travel ties were reinstated between neighbouring countries in the GCC. The accord will lead to easier access to markets as borders re-open and travel avenues are re-activated with a number of daily regional flights.
At the same time, it is expected to have a positive impact on trade and the region will witness a stronger Gulf Cooperation Council (GCC) with its members working more closely together.
Despite most recent challenges with the pandemic, Qatar brought important reforms on the way and continued to improve the ease of doing business in the country in an attempt to strengthen its position as a regional hub for business and to diversify the national economy.
Qatar has positioned itself to attract a range of businesses and projects from start-ups and scale-ups to multi-national corporations. The country is very actively promoting and supporting small and Medium sized enterprises (SMEs). In terms of sectors, Qatar has developed mid- and long-term strategies to develop non-oil and gas sectors including, but not limited or restricted to agriculture, health, travel and tourism, manufacturing, imports and exports, finance and financial services and others.
According to the World Bank, Qatar’s economy is expected to grow 3% in 2021 which is the best in the GCC.
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