QFC Annual Report 2023 - English
ANNUAL REPORT 2023 PROMOTING QATAR AS A GLOBAL HUB FOR BUSINESS GROWTH
CONTENTS FOREWORD EVENTS Chairman Foreword CEO Foreword A COMMITMENT TO EXCELLENCE Enhancing QFC’s Proposition and Servicing Trusted Clients QFC AT A GLANCE A Platform for Growth Vision and Mission Focus on Financial Services Board of Directors and Executive Committee Procedural Excellence QFC Governance Enhanced Compliance and Legislation Easing Entry into Qatar’s Business Ecosystem Committed to Fighting Financial Crime and Enhancing Data Protection QFC: World-class Bene昀椀ts Placing People at the Heart of Business Success Key Milestones 2018-2023 Nurturing New and Existing Talent Strategic Vision 2030 Innovation in Infrastructure QFC – A Brand Worthy of Recognition Clients, Community and Collaboration 2023 IN NUMBERS Relentless Drive BROADENING A GLOBAL NETWORK SPOTLIGHT ON NEW FIRMS Collaboration Towards Common Goals Rasmal Ventures Enhancing Value for Clients Xiamen Airlines MoUs in Focus QATAR SCORES ON THE WORLD STAGE STRENGTHENING BILATERAL RELATIONS Delegations and Ambassador Meetings Global Channel Partners TOWARDS CONTINUED GROWTH IN 2024
CHAIRMAN MESSAGE CEO MESSAGE H.E. Sheikh Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-Thani Yousuf Mohamed Al-Jaida I am pleased to witness the Qatar Financial Centre once QFC has also made signi昀椀cant strides in enhancing the It is a privilege to share with you QFC’s 2023 Annual leading wealth manager Julius Baer. It brought together again showcase its expertise in advancing its strategic ease of business incorporation and excelling in service Report, which tells our story of growth and development over 100 of the world’s most distinguished family goals, aligned with the Qatar National Vision 2030. delivery. These strategic e昀昀orts have resulted in the over a phenomenal year. business leaders for a two-day retreat which explored Building on the momentum of commercial activities and continued growth of 昀椀rms registered under its platform, It will come as no surprise to anyone that we began the latest trends and shifting priorities in global family business opportunities following the successful delivery with 327 new 昀椀rms added, raising its assets under 2023 on a high, the nation still jubilant after the businesses, emphasising shared responsibility and a of the FIFA World Cup Qatar 2022, QFC closed 2023 management to US$ 21.1 billion, an 85% increase from successful delivery of one of the most iconic football sense of duty. with signi昀椀cant achievements across its operations, US$ 11.4 billion in 2018. tournaments the world had ever seen. Though a decade And notably, through our global outreach, we leading to substantial growth. TM As we look ahead to 2024, I am con昀椀dent that QFC is in planning, the FIFA World Cup Qatar 2022 positively concluded the year having successfully onboarded 327 Its extensive domestic and international network, a well-positioned to further its mission of attracting global impacted every aspect of our economy and gave us new 昀椀rms. critical factor in driving business and industry growth, corporations and businesses to Qatar, fostering our additional opportunities to diversify our economic base has expanded further through partnerships spanning dynamic and thriving 昀椀nancial ecosystem. beyond hydrocarbons. With eyes 昀椀xed 昀椀rmly on the future, we are on a continents and industries, including healthcare, ICT, renewed trajectory of growth, innovation and expansion Building on this momentum, we strengthen or global - one that is underpinned by Qatar’s keen desire to energy, venture capital, asset management, family EVENTS network, forming partnerships with key markets such evolve and embrace all that digital and technological o昀케ce, and other 昀椀nancial services verticals. as Türkiye, Rwanda, Singapore, Hong Kong, Germany, capabilities can provide. Having built such strong As part of its strategic plan to position Qatar as a hub Canada, and Latin America by signing 18 agreements. foundations, I’m incredibly excited to see what we can for innovation and wealth, QFC launched two major collectively achieve in 2024. initiatives: the Digital Assets Lab, which included the The second half of the year proved the e昀昀ects of the public consultation for its Digital Assets Regulatory World Cup were not a 昀氀eeting triumph, and the country Framework, and the inaugural Family Business recorded a strong performance with growth rates Community Retreat, highlighting Qatar’s strength as a for output and new businesses remaining well above destination for wealth and wealth management among the six-year trend. Companies continued to point to key stakeholders. tourism as spurring growth, and 昀椀nancial services continued to expand sharply. We capitalised on this renewed vigour to create a framework of cooperation focused on developing the 昀椀nancial services industry through shared resources and initiatives. In the 昀椀ntech sector, QFC established collaboration platforms with key entities from the Middle East, Asia, and Africa. Another key highlight of 2023 was our full calendar of events. We organised as many as 84 events, bringing together business leaders and innovators from across the world to demonstrate 昀椀rst-hand Qatar’s prowess on the global economic stage whilst also fostering a culture of knowledge exchange and best practice. One of our standout events was the inaugural Family Business Community Retreat, held in collaboration with
QFC AT A GLANCE VISION Transforming Doha into a leading global 昀椀nancial and commercial capital. MISSION Drive economic development and diversi昀椀cation by providing a world-class, commercial, legal and regulatory environment.
BOARD OF DIRECTORS H.E. Sheikh Mohammed Bin Hamad Bin H.E. Akbar Al Baker Qassim Al-Abdullah Al-Thani Board Member l Advisor to H.E. the Prime Minister and Minister of Foreign A昀昀airs Chairman l Minister of Commerce and Industry of Qatar Bureau Mansoor Bin Ebrahim Al-Mahmoud H.E. Ahmad Abdulla Ahmad Jassim Al-Jamal Board Member l CEO of Qatar Investment Board Member l Chairman of General Authority Authority of Customs H.E. Abdulaziz Bin Nasser Bin Mubarak Al Khalifa Board Member l President of the Civil Service and Government Development Bureau | QFC ANNUAL REPORT 2023 QFC AT A GLANCE
BOARD OF DIRECTORS H.E. Mohammed Bin Hassan Al-Malki Robert Wigley Board Member l Undersecretary of the Board Member l Chairman of the Board Ministry of Commerce and Industry of Directors of UK Finance Sheikh Ali Bin Alwaleed Al Thani Yousuf Mohamed Al-Jaida Board Member l Chief Executive O昀케cer Board Member l Chief Executive O昀케cer of Investment Promotion Agency Qatar of Qatar Financial Centre Eng. Ahmad Abdulla AlMuslemani Board Member l President of Communications Regulatory Authority | QFC ANNUAL REPORT 2023 QFC AT A GLANCE
EXECUTIVE COMMITTEE Yousuf Mohamed Al-Jaida Abdulla Mohamed Al-Hajri Board Member l Chief Executive O昀케cer of Qatar Financial Centre Chief Operating O昀케cer Nasser Al-Taweel Yousef Fakhroo Deputy CEO | Chief Legal O昀케cer Chief Marketing & Corporate and Board Secretary Communications O昀케cer Hamed Al-Saadi Henk Jan Hoogendoorn Chief Financial and Tax O昀케cer Chief Financial Services Sector O昀케cer | QFC ANNUAL REPORT 2023 QFC AT A GLANCE
QFC GOVERNANCE Four independent bodies oversee the QFC ensuring companies under its umbrella enjoy optimal operational, judiciary, and legal support, as well as a business-friendly environment on par with top global standards. 1. The Qatar Financial Centre Authority. 2. Qatar Financial Centre Regulatory Authority. 3. The Civil & Commercial Court of the Qatar Financial Centre. 4. Regulatory Tribunal. EASING ENTRY INTO QATAR’S BUSINESS ECOSYSTEM Under a 昀椀rm commitment to drive Qatar’s economic diversi昀椀cation and promote bilateral trade and investment, QFC provides a world-class platform to domestic and international companies looking to set up operations in Qatar and expand to the region and beyond. As a member of QFC’s vibrant community, registered 昀椀rms gain abundant opportunities for knowledge exchange and partnerships, in addition to a suite of competitive advantages for seamless integration into Qatar’s business ecosystem.
QFC: WORLD-CLASS BENEFITS ONSHORE JURISDICTION ENGLISH COMMON LAW 100% FOREIGN OWNERSHIP COMPETITIVE TAX SYSTEM The QFC is an onshore business and 昀椀nancial Companies registered with the QFC are Companies in the QFC bene昀椀t from up to 100 The QFC o昀昀ers a fair and transparent tax regime, centre that licenses companies, allowing governed by a legal and judicial framework per cent ownership of their business in Qatar allowing access to a wide Double Taxation them to operate in Qatar and in the region based on English common law, with access Agreements network with over 80 countries, within a legal and tax environment aligned to an independent court, regulatory 10 per cent corporate tax on locally sourced with international standards. tribunal and dispute-resolution centre. pro昀椀t, no personal income tax, wealth tax or Zakat, and an e昀케cient advance ruling service. 100 % REPATRIATION TAILORED SOLUTIONS ONE STOP SHOP TRADE IN ANY CURRENCY OF PROFITS Access to a team of experts across A quick and easy set-up process that Conduct business from Qatar with no Payments of dividends, interests, royalties, disciplines to help tailor product structures licenses, establishes, and supports restrictions on the currency used for trading. and management fees to recipients outside of and solutions to meet the QFC-registered businesses in and from Qatar. Qatar are free from withholding tax, enabling company’s business needs. tax-free returns and pro昀椀t repatriation for shareholders. QFC AT A GLANCE | QFC ANNUAL REPORT 2023 | QFC ANNUAL REPORT 2023
2018 2020 2022 • 517 昀椀rms registered by the end of 2018. • US$ 2.77 billion total gross value added by QFC. • Exceeded the 2022 target of registering 1,000 昀椀rms, • Recognised by the International Swaps and • Unveiled #AccessQatar: QFC Webcast Series, achieving a total of 1,550. Derivatives Association (ISDA) as an e昀昀ective netting engaging existing and prospective clients, and wider • Launched the QFC Sustainable Sukuk and Bonds regime in July 2018. business community amidst COVID-19 pandemic and Framework - a 昀椀rst in the GCC region. • Assets Under Management reached US$ 11.4 billion. social distancing measures. • QFC Legal Team won ‘Legal Department of the Year • Launched the QFC Tech Talk Series, designed to 2022’ at the Qatar LexisNexis Business Law Forum. engage Qatar’s 昀椀ntech community. • Achieved and surpassed target of registering 1,000 Employees in the QFC registered US$ 1.89 昀椀rms by 2022. entities grew from 2,843 in 2017 to BILLION • Received the Silver Telly Award 2020 for ‘The Business Trip’ series - produced in partnership with Bloomberg Media Studios - pro昀椀ling Qatar as the world’s leading 10,125 by the end of 2022 of total gross value added by QFC investment destination. • Introduced a new policy statement on licensing new KEY international law 昀椀rms in Qatar. MILESTONES 2018-2023 2019 2021 2023 • QFC Legal team awarded ‘Legal Department • Amended Data Protection Regulations and • Assets Under Management reached US$ of the Year – Large Team’ at the fourth Rules to align with international standards. 21.1 billion. annual Qatar Business Law Forum and • Opened the Ministry of Justice Real Estate • Digital Assets Regulatory Framework Awards. Registration and Authentication o昀케ce at QFC. approved for public consultation. • Launched ‘Strategy to 2022’ with renewed • Joined the Asian Financial Cooperation • Introduced a new online focus on digital, media, sports and 昀椀nancial Association (AFCA). registrationprocess, streamlining licensing services sectors. • Issued QFC Real Estate Ownership Regulations and incorporation of 昀椀rms in QFC. • Investment Promotion Agency of Qatar 2021. • Hosted inaugural edition of Family Business (IPAQ) launched and registered on the QFC Community Retreat in collaboration with platform. Julius Baer, bringing together 100+ family • Joined the World Alliance of International business leaders, industry experts from Financial Centres, and the Islamic Financial around the world. Services Board. • Launched Digital Assets Lab in alignment with Qatar Central Bank’s Fintech Strategy, advancing innovation within the 昀椀nancial industry. 800 FIRMS 1,799 registered by the end of the year FIRMS registered by the end of the year QFC AT A GLANCE | QFC ANNUAL REPORT 2023
STRATEGIC VISION 2030 Building on the successes of the QFC Strategy 2018-2022, QFC’s sights are QFC’s path to 2030 will be guided by four strategic priorities revolving around a昀케xed on renewed priorities and focus areas to power Doha’s transformation attracting wealth to Qatar, developing the local 昀椀nancial services sector, into a premier hub of wealth and innovation by 2030. encouraging Foreign Direct Investment (FDI) to Qatar, and increasing customer- Global macroeconomic trends in the lead-up to 2030, characterised by centricity, reinforcing Qatar’s highly welcoming and favourable business and increasing demand for digital payments, a stronger focus on sustainability investment environment. in business and community, and accelerated mobility of skilled talent and As such, QFC envisions evolving into a leading wealth hub serving as a magnet for private wealth, among others, reveal considerable prospects for QFC. High-Net-Worth Individual (HNWI) and Ultra-High-Net-Worth-Individual (UHNWI) It aspires to build on existing e昀昀orts, particularly in the areas of wealth wealth capital 昀氀ows, in particular from emerging economies. Further, as an active management and digitalisation of 昀椀nance, to continue being a front-runner enabler of the diversi昀椀cation of 昀椀nancial services in Qatar, QFC will utilise every in strengthening Qatar’s 昀椀nancial industry. opportunity to cement its new Digital Assets Regime to enable the development of a new sector in Qatar.
2023 IN NUMBERS QFC draws businesses from 70 countries, showcasing global appeal. Algeria Malaysia Argentina Mexico Austria Morocco Australia Netherlands Azerbaijan New Zealand Bahrain Nigeria Bangladesh Oman Belgium Pakistan Bosnia and Herzegovina Palestine Brazil Philippines British Virgin Islands Portugal Canada Qatar China Russia Columbia Rwanda Cyprus Saint Kitts and Nevis Czechia Saudi Arabia Djibouti Senegal Egypt Serbia France Singapore Georgia Slovakia Germany South Africa Greece South Korea India Spain Iran Sri Lanka Iraq Sudan Ireland Sweden Italy Switzerland Jordan Syria Kazakhstan Tunisia Kenya Türkiye Kuwait United Arab Emirates Kyrgyzstan United Kingdom Lebanon United States Liechtenstein Uzbekistan Lithuania Yemen QFC onboarded The QFC community continued to thrive Assets Under Management (AUM) grew to NEW with a strong number of employees at 327 US $21.1 BILLION ENTITIES + 10,000 from US$ 11.4 billion in 2018 from 70 countries to its platform, Spanning a variety of sectors, including sports, EMPLOYEES far exceeding its initial target of 215 for the year by 52 per cent, making digital, media, 昀椀ntech and others, 41 of these joined 2023 another exceptional year for the QFC platform from within Qatar, whilst the rest registrations since QFC’s establishment. represent a mix of countries from around the world. | QFC ANNUAL REPORT 2023 2023 IN NUMBERS
BROADENING A GLOBAL NETWORK COLLABORATION TOWARDS COMMON GOALS QFC worked in coordination with government bodies, ministries and other public sector institutions to 昀椀nalise a total of 18 Memoranda of Understanding with entities in Qatar as well as in leading economies around the world. ENHANCING VALUE FOR CLIENTS QFC continued to expand its strategic partnerships network driven by its focus on delivering excellent service to its community. These partnerships have widened opportunities for knowledge exchange, industry-speci昀椀c capacity building, increased digital adoption, and enhanced regulatory frameworks, whilst providing impetus for further enterprise within the Qatari market. Strategic alliances were formed with local and international organisations in a wide range of industries, including: • Financial Services (11 - Participation Banks Association of Turkiye, R3, Settlemint, MasterCard, Elevandi, Beijing Municipal Financial Regulation Bureau, Labuan IFC, College of Islamic Finance at HBKU, Qatar University, Asian Institute of Digital Finance at National University Singapore, and a joint Memorandum of Collaboration (MoC) with both Qatar Stock Exchange and the Malaysian Rating Corporation Berhad (MARC) • Healthcare (2 - Elegancia Healthcare and Droobi) • ICT ( 3 - National Cyber Security Agency, Vodafone Qatar, MEEZA) • Energy (1 - Summit Oil and Shipping Company Limited) • Commercial/Business Services (1 - American Chamber of Commerce) | QFC ANNU | QFC ANNUAL REPORT 2023AL REPORT 2023 BROADENING A GLOBAL NETWORK
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MOUS IN FOCUS MoU between QFC and American Chamber of Commerce MoU between QFC and Asian Institute of Digital Finance The QFC signed a Memorandum of Understanding with the American Chamber of Commerce Qatar Building on the ongoing e昀昀orts to bolster Qatar’s 昀椀nancial services sector, the QFC signed an MoU (AmCham) on the sidelines of the Fifth Qatar-US Strategic Dialogue in Qatar. Aimed at stimulating with the AIDF, a research institute of the National University of Singapore (NUS). This strategic increased bilateral trade and investment between Qatar and the US, the MoU will see both parties alliance aims to propel innovation and promote sustainable development across various 昀椀elds, promote QFC as an ideal 昀椀nancial and business platform for American investments. In addition, the including ESG, FinTech, digital assets, Web 3.0, and other emerging technologies. Further to these agreement will ensure the provision of essential support to American companies desirous of setting e昀昀orts, both partners will actively facilitate knowledge exchange to advance their common goals. up their business in Qatar. Further to that, QFC and AmCham will organise events and initiatives centred around the trade and investment goals of the partnership. MoU between QFC and Settlemint MoU between QFC and Elegancia Healthcare QFC signed an MoU with Settlemint, a trusted blockchain technology platform, to collaborate on blockchain and digital asset initiatives. The partnership opens a signi昀椀cant pathway for QFC entered into an agreement with Elegancia Healthcare, a subsidiary of Estithmar Holding. collaboration between industry leaders, 昀椀nancial institutions, 昀椀ntech 昀椀rms, and corporate The MoU aims to foster collaboration amongst key stakeholders, including public and private organisations to spur the adoption of blockchain and digital asset business models and solutions. entities and academia, to advance innovative healthcare solutions, entrepreneurship It represents a step forward in identifying use cases for blockchain technology and digital assets and economic growth and build a supportive ecosystem for start-ups and small businesses in Qatar’s 昀椀nancial industry. Through this collaboration, the QFC and SettleMint will help business within the healthcare sector. entities in Qatar’s 昀椀nancial sector innovate and develop safer and more e昀케cient business practices. MoU between QFC and College of Islamic Studies, Hamad Bin Khalifa MoU with R3 University (HBKU) QFC signed an MoU with R3, a leading global provider of enterprise distributed ledger technology (DLT) and services, to accelerate the development of Qatar’s 昀椀ntech industry and to promote The promotion of Islamic 昀椀nance has been high on QFC’s agenda throughout 2023. QFC furthers this ambition through an MoU signed with the College of Islamic Studies (CIS) at Hamad Bin Khalifa common interests. Under the partnership, the QFC and R3 will work together to create a University (HBKU), renewing their partnership in hosting the International Conference on Islamic potential laboratory environment that caters to commercial banks and 昀椀ntechs. It also aims to promote education and training on asset digitisation and the use of DLT. Furthermore, the two Finance (ICIF). Under the agreement, the QFC will sponsor 昀椀ve more editions of the conference from organisations will also create working groups to observe new and emerging regulatory paradigms 2023 to 2027 at CIS, opening more opportunities for the two institutions to jointly promote a deeper and support the QFC’s deployment of DLT at a national level. understanding of Islamic 昀椀nance and the Shari’ah law. | QFC ANNUAL REPORT 2023
STRENGTHENING BILATERAL RELATIONS As a platform dedicated to showcasing business and investment opportunities GLOBAL CHANNEL PARTNERS within Qatar’s promising market, QFC is heavily invested in consolidating the nation’s bilateral ties with key economies globally. This ambition continued to Expanding global connections and fortifying alliances locally and internationally. Some relationships with existing channel partners of these include Enterprise Singapore, HK re昀氀ect in its e昀昀orts to welcome several ambassadors and high-pro昀椀le delegations remained at the top of QFC’s agenda Trade and Development Council, Institute for throughout 2023. Eleven new partnerships Information Industry, Taiwan, Malaysia Digital at its o昀케ces throughout 2023. were established in key regions across the Economy Corporation, Canada Arab Business globe, bolstering QFC’s leading role in nurturing Council, and German BVMW. DELEGATIONS AND AMBASSADOR MEETINGS QFC welcomed over 30 delegations from countries including China, France, Russia, Saudi Arabia, Singapore, South Korea, Türkiye and the United States. QFC also hosted the ambassadors of Austria, Australia, the Czech Republic, France, Poland, Portugal, Sweden, Portugal and Tajikistan to Qatar. | QFC ANNUAL REPORT 2023 BROADENING A GLOBAL NETWORK
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EVENTS One of the most signi昀椀cant events in the QFC’s calendar was the launch of the QFC Digital Assets Engaging thought leaders, key entities and stakeholders within the 昀椀nance and investment space remained at the top of QFC’s priorities during 2023. Through a Lab, solidifying its foremost role in achieving the aspirations around 昀椀nancial innovation in line with Qatar’s Fintech Strategy. The event brought together notable dignitaries, including the Minister broad line-up of events, reaching a total of 84 by the end of the year, QFC created of Commerce and Industry, and the Governor of the Qatar Central Bank. avenues for its community to forge vital industry connections, expand knowledge QFC, together with Bloomberg Intelligence, organised the Qatar Financial Markets Forum convening around the latest trends and insights, and explore collaboration prospects to economists, banking experts, and industry leaders. Held under the theme ‘From Sustainable bolster Qatar’s thriving business ecosystem and aid the development of Qatar’s Financing to Debt Capital Markets, Uncovering Solutions for the Future of Banking in Qatar,’ the forum fostered discussions on Qatar’s banking funding landscape and delved into strategies for the knowledge-based economy. sustainable and inclusive growth of the 昀椀nancial industry. A ‘Talk Digital Assets’ session was held to enrich participants’ understanding of the digital assets In addition, with its keen participation in international forums and gatherings, the QFC pressed ecosystem and underlying technology that enables the transition to the digital world of 昀椀nancial forward on its endeavours to showcase Qatar’s attractiveness as a world-class destination for services. The session spotlighted various use cases and implementations of digital assets across business and investment. industries, economics, 昀椀nance, and the global regulatory landscape. QFC also hosted the ‘Regulators • 31 - Hosted. and Regulatory Landscape for Digital Assets in the Middle East’ workshop to provide valuable insights • 29 - Speaking Engagements. into the regulatory environment surrounding digital assets and its impact on the 昀椀nancial sector. • 11 - Sponsored. • 13 - Attended/Participated in. QFC signi昀椀cantly enhanced its presence at prestigious global events such as the World Economic Forum meetings, Web Summit in Lisbon, COP28 UN Climate Change Conference in Dubai, and the Singapore Fintech Festival. QFC delegations actively participated in several important industry events across the globe. Some of the standout gatherings comprise Capital Markets & ESG Finance Saudi Arabia Awards, UK City Week 2023, Astana Finance Day in Kazakhstan, Asia Capital Insurance Conference in Malaysia, China International Fair for Investment and Trade 2023, where QFC joined the Qatari delegation together with MOCI and other national entities. On the national front, QFC participated in the 7th CEOs and Islamic Finance Leaders’ Roundtable that explored Qatar’s economic growth post-World Cup and national initiatives to foster innovation, expand access to 昀椀nance, and promote sustainable banking practices. The Pakistan-Qatar Tech Conference and the Doha Forum 2023 were some other notable Qatar-based events in which QFC played a pivotal role through participation and protocol arrangements. Additionally, QFC keenly participated in the Qatar Economic Forum 2023, where it signed MoUs with Labuan IBFC and MasterCard. QFC sponsored and took part in the 昀椀rst-ever Islamic Finance News (IFN) Qatar Dialogues that featured detailed discussions on key Islamic 昀椀nance topics. The event leveraged IFN’s position as the industry’s leading capital markets-focused journal, providing unrivalled editorial coverage of the global Sharia-compliant 昀椀nancing market to over 20,000 industry leaders and decision-makers. QFC also sponsored the 6th International Conference on Islamic Finance, engaging scholars, researchers, and practitioners in discussions on an array of topics, such as the role of Islamic Finance in tackling environmental challenges and the importance of integrating emerging technologies with Islamic Finance to develop innovative solutions to challenges. | QFC ANNU | QFC ANNUAL REPORT 2023AL REPORT 2023 EVENTS
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A COMMITMENT TO EXCELLENCE forward in developing the country’s digital the Executive Action Plan for the Development Guided by its mandate to consolidate Qatar’s pro昀椀le as a destination of choice assets industry. It feeds into the nation’s of Financial Sector, tasked with multiple action for global businesses and investors, QFC intensi昀椀ed e昀昀orts to enhance service growing appetite for digital innovation areas, including debt capital markets, asset delivery and operational processes across all QFC functions. Its dedicated teams encapsulated within its strategic priorities management and Islamic 昀椀nance. QFC also for 2030. QFC continued to participate in, worked hand-in-hand internally, as well as with external entities, creating a combined e昀昀orts with Qatar Central Bank as part seamless and robust environment for QFC clients and partners. and contribute to, The Capital Markets of a task force to review new 昀椀ntech applications, Development Executive Action Plan, as well as challenges and strategic initiatives. ENHANCING QFC’S PROPOSITION AND SERVICING TRUSTED CLIENTS PROCEDURAL EXCELLENCE The year began with QFC teams enhancing quickly became a crucial resource for clients As part of QFC’s ongoing endeavour to ease the towards creating policies and procedures for client interactions signi昀椀cantly. The QFC proudly seeking information, o昀昀ering answers to FAQs process of 昀椀rms’ incorporation within Qatar’s conditional licensing for non-regulated 昀椀ntechs, served over 18,000 prospects face-to-face, and at their 昀椀ngertips. QFC also revamped its client business ecosystem, it initiated signi昀椀cant work which it will continue working on through 2024. e昀케ciently processed more than 17,000 service a昀昀airs newsletter, providing valuable insights requests including visa assistance, labour and updates, fostering stronger community approvals, and more, achieving an impressive engagement. 98.6% processing rate within the SLA timeline. A major stride in enhancing QFC’s service QFC’s dedication resonated through its bustling delivery was the introduction of the VIP call centres, handling nearly 21,000 calls and Onboarding Service. This service, designed to responding to about 22,000 emails with diligence provide a seamless and personalised experience, and care. Innovation took centre stage with the introduction of ‘AskQFC’, a chatbot that o昀昀ers new applicants access to a dedicated VIP relationship manager, ensuring a unique and smooth transition into QFC’s ecosystem. A PLATFORM FOR GROWTH QFC’s reputation as a dynamic 昀椀nancial with projections indicating signi昀椀cant tax revenue growth for QFC in the coming years. and business hub was further solidi昀椀ed with the addition of 327 new 昀椀rms, including 25 Special Over 50 businesses from the digital sector Purpose Companies (SPCs), which marked a 19 and several others operating within the per cent increase from the previous year. These entities are exclusively dedicated to commodity investment services, 昀椀ntech, sports, and media trading, including a number of industry giants, were incorporated, representing Qatar’s innate ability to attract new tech talent to the region. FOCUS ON FINANCIAL SERVICES partners, including banks, 昀椀ntechs, technology Across the sphere of 昀椀nancial services, one of QFC’s most notable feats was drafting companies, and technology infrastructure and submitting the Digital Assets Regulatory providers, to establish a 昀椀rst-of-its-kind Digital Assets Lab in Qatar. These initiatives represent a Framework for public consultation in 2023. In tandem, QFC collaborated with multiple global crucial step,
ENHANCED COMPLIANCE AND LEGISLATION PLACING PEOPLE AT THE HEART OF BUSINESS SUCCESS Legislative enhancements were front and centre the QFC Tax Regime ensured a fair, transparent, QFC prioritises adherence to Environmental, As a proponent of the United Nations Sustainable on QFC’s agenda throughout 2023. As part of and e昀케cient tax system aligned with global Social, and Governance (ESG) standards. Development Goals (SDGs), QFC persisted in these developments, the organisation published standards. Recognising human capital as a core asset for its partnerships with the International Labour new Non-Regulated Activities Rules that contain any business, it fosters sound, healthy, Organisation (ILO), World Health Organisation an extensive list of permitted activities that Moreover, QFC made signi昀椀cant contributions to the design and implementation of a compliance and inclusive workplaces among its 昀椀rms, (WHO), EU Delegation in the State of Qatar, the may be conducted in or from the QFC. Another framework for the Common Reporting Standard unlocking talent, maximising employee potential Ministry of Labour, and many other national landmark achievement was the launch of QFC’s (CRS) in Qatar, working closely with the and optimising business outcomes. Advisory and international institutes to optimise its new online company incorporation process, services were provided to QFC 昀椀rms to raise e昀昀orts in human development and initiatives to enabling applicants to incorporate a company Government Tax Authority (GTA) and 昀椀nancial awareness of employment standards accelerate Qatar’s transition into a knowledge- within QFC instantly. sector supervisory bodies. This was a pivotal and enhance compliance, minimising disputes based economy by 2030. Signi昀椀cantly, QFC step in securing Qatar a positive outcome in and reducing legal costs the 昀椀rms would established a task force of experts to review QFC witnessed a signi昀椀cant increase in voluntary the Organisation for Economic Cooperation and otherwise incur. and update its employment framework, taking tax compliance, with tax revenue from non- Development (OECD) Global Forum’s assessment into consideration the prominent changes in the regulated 昀椀rms steadily growing. Updates to of the country’s CRS implementation. The frequency of monitoring activities and labour inspections was increased, resulting world of work over the past 10 years. in the early identi昀椀cation of non-compliance Moreover, QFC implemented several incidents, which were promptly resolved management and quality enhancements to COMMITTED TO FIGHTING FINANCIAL CRIME without resorting to formal enforcement. QFC’s improve its human capital function. These AND ENHANCING DATA PROTECTION mediation and conciliation services reaped included streamlining internal processes, positive outcomes, with all 41 grievances updating systems and reporting line received resolved outside of court without mechanisms and enhancing the e昀케ciency of QFC’s ability and expertise were further utilised updated its Data Protection Regulations and requiring adjudication. communicating with employees. in the ongoing monitoring of Qatar’s Anti- Rules and made enhancements to the Data Money Laundering and Combating the Finance Subject rights of erasure and recti昀椀cation to of Terrorism (AML/CFT) regime as part of its align with the new international data transfer coordination with Qatar’s National Anti-Money mechanisms, including the use of binding Laundering Committee (NAMLC).To strengthen corporate rules and its digital assets initiative. data privacy and protection, QFC updated its Additionally, QFC issued documents to Data Protection Regulations and Rules and incorporated 昀椀rms detailing supervisor priorities made enhancements to the Data Subject rights and compliance focus areas during the year and of erasure and recti昀椀cation to align with the in 2024. An updated fact sheet was also released new international data transfer mechanisms, to provide quick and easy access to the main including the use of binding corporate rules provisions of the Regulations. and its digital assets initiative. Additionally, QFC also issued an Oversight & Regulatory QFC issued documents to incorporated 昀椀rms Action Framework focused on its authority to detailing supervisor priorities and compliance oversee non-compliance with the Regulations, focus areas during the year and in 2024. An in addition to a self-assessment tool to help updated fact sheet was also released to provide quick and easy access to the main provisions of 昀椀rms monitor their compliance with the the Regulations. QFC’s ability and expertise were Regulations and identify areas of improvement. further utilised in the ongoing monitoring of Furthermore, QFC renewed its membership Qatar’s Anti-Money Laundering and Combating with the Global Privacy Assembly (Observer) and Global Privacy Enforcement Network, rea昀케rming the Finance of Terrorism (AML/CFT) regime as its commitment to adopting internationally part of its coordination with Qatar’s National acknowledged best practices and enforcement Anti-Money Laundering Committee (NAMLC). initiatives in data protection. To strengthen data privacy and protection, QFC EVENTS
NURTURING NEW AND EXISTING TALENT CLIENTS, COMMUNITY AND COLLABORATION To ensure the competitiveness of its talent QFC’s Performance Management Framework, as QFC rea昀케rmed its commitment to positively essential skills and practical knowledge to bridge community, QFC launched its Talent and well as its Graduate Developer and Internship impact the community and promote 昀椀nancial performance gaps between academic Performance Management project that saw the Development Program, and alignment of the well-being and awareness amongst key and professional practices.In collaboration with completion of a Core Values, Behavioral, and QFC Employee Value Proposition Report with the segments of society, particularly the youth. Teach for Qatar, QFC maintained its sponsorship Extending e昀昀orts under the QFC social Technical Competency Framework, a review of of the 3yalna programme that draws attention to QFC strategy 2023-2030. investment programme that hinges upon students with outstanding skills in various 昀椀elds, three key pillars - Financial Literacy, Youth including academics and art, and those INNOVATION IN INFRASTRUCTURE Empowerment, and Sustainability, the QFC- making notable contributions to innovation led initiatives such as the Kawader Malia and the community in general. The programme Sponsorship, a three-month development seeks to further develop the skills of these QFC laid greater emphasis on innovation, threat detection capabilities. Other milestones programme designed for fresh Qatari graduates students and empower them to broaden their modernisation, and automation across its poised to enter the 昀椀nancial industry. impact on society. in 2023 include achieving an SLA compliance of IT services and infrastructure throughout The programme equips participants with 99.78 per cent vs its KPI of 95 per cent, IT service 2023. QFC’s IT infrastructure saw signi昀椀cant availability of 99.99 per cent vs the KPI of 99.98 advancements with a successful cloud migration per cent, and customer satisfaction feedback of and the integration of cutting-edge security RELENTLESS DRIVE 99.5 per cent vs the KPI of 90 per cent. services, enhancing security measures and The story of QFC is one of continuous innovation sustainable development of Qatar’s economy. and dedication to excellence. Each stride it has The journey continues, and QFC is excited about QFC - A BRAND WORTHY OF RECOGNITION taken is woven into the broader narrative of its what the future holds as it keeps building on this commitment to not just meet but also exceed the foundation of success. Over the course of the year, QFC took A combination of media engagements through expectations of QFC clients and contribute to the considerable steps towards raising its brand various channels enabled the QFC to secure a visibility and attractiveness. The culmination of media reach of 188 million. Broadening its online these e昀昀orts was seen in a substantial surge in presence, the QFC also added a new dimension QFC’s social media audience size, marking an to its social media strategy with the launch of impressive 225.5 per cent increase in contrast QFC’s own TikTok channel. to the audience growth recorded in previous years. | QFC ANNUAL REPORT 2023 EVENTS
SPOTLIGHT ON NEW FIRMS 2023 also saw Xiamen Airlines, one of China’s Qatar’s strategic location at the crossroads QFC’s platform became the pathway for Rasmal Ventures LLC, Qatar’s 昀椀rst top-ranked airlines, choose QFC as its gateway between the East and West as well as its independent venture capital company, to set up and initiate its operations in into the region. Becoming the 昀椀rst Chinese centrality in the GCC region, coupled with a the region in 2023. Led by a team of seasoned venture capital experts, Rasmal airline to operate passenger nonstop 昀氀ights robust business environment, strong economy, Ventures aspires to leverage the combined experience of its team of seasoned between Mainland China and Qatar (under and political stability, were among the top venture capital experts to actively contribute to the region’s burgeoning startup a codeshare agreement with Qatar Airways), reasons for Xiamen Airlines’ decision to establish entering Qatar’s market allowed Xiamen its operational base in Qatar. and innovation ecosystem. Airlines’ to expand its route network, reaching 110 countries and 332 overseas destinations. Rasmal Ventures on leveraging QFC’s o昀昀ering: and across the region. We worked closely with Xiamen Airlines on joining QFC’s platform: Xiamen Airlines, established in 1984, is “Whilst we recognised the strength of the Qatari Qatari private investors, institutions as well “We are pleased with our decision to have joined headquartered in Xiamen, a coastal city in as the QFCRA to lay the groundwork for the southeastern China’s Fujian Province. It is the ecosystem based on the experiences of one QFC’s platform as our 昀椀rst step into the region. 昀椀rst airline in China to operate under the modern of our local partners, choosing QFC as an entry unveiling of the 昀椀rst Rasmal Innovation Fund One of the most notable parts of our integration that will be a landmark initiative aiming to reach enterprise system. Currently, Xiamen Airlines point into the region proved to be a pivotal into the market here was the simpli昀椀ed company has a 昀氀eet of 211 aircraft and operates over 400 decision. Of course, at the top USD$100 million in investment commitments. registration process we went through with QFC. of our considerations was ensuring a seamless The fund will target investments in innovative We also appreciate the opportunities made domestic and international routes. and successful path for our establishment. and high-performance technology startups and available to us as part of the QFC community The airline serves nearly 40 million passengers The QFC team’s meticulous support and open scaleups in Qatar, the wider MENA region, and in terms of personnel recruitment, business annually, and more than 23 million people communication especially stood out during the internationally at pre-Series A, Series A, and development and business exchanges. Since have joined its frequent 昀氀yer program. Among regulatory assessments and review of Rasmal Series B stages. It will consider all technology Xiamen Airlines’ incorporation within QFC, the the more than 270 member airlines of the Ventures. Even beyond incorporation, we sectors, but maintain strategic interest in climate airline has opened two routes - Beijing-Doha and International Air Transport Association (IATA), and energy tech, 昀椀ntech, supply chain logistics, were pleased with the collaboration prospects Xiamen-Doha, with a frequency of nine 昀氀ights Xiamen Airlines ranks among the top 30 in terms B2B SaaS and Arti昀椀cial Intelligence (AI). This available to us as part of the local ecosystem. initiative is in perfect alignment with national per week.” of revenue and among the top 13 in terms Over the course of the next six months, we priorities focused on the creation of a buoyant of passenger turnover. forged a great working relationship with not tech ecosystem.” just QFC but also key stakeholders in Qatar
QATAR SCORES ON THE WORLD TOWARDS CONTINUED STAGE GROWTH IN 2024 • Qatar’s exceptional delivery of the FIFA World • The launch of the Innovation Dome stands Following another year of strong growth and Such recognition demonstrates the favourability TM as a testament to QFC’s relentless pursuit Cup Qatar 2022 is not only a demonstration progress, QFC’s preparedness and energy to and competitiveness of the nation’s market of the nation’s prowess in hosting world-class to realise national aspirations, enabling deepen the impact and value of its platform and against this backdrop, QFC will continue to events but also tells a tale of a journey into Doha’s transformation into a global centre remains at an all-time high. The 2030 Strategy, technological and human innovation that had of excellence for innovation. Designed in broaden its e昀昀orts to encourage and welcome a major positive bearing on the nation’s digital alignment with Qatar Central Bank’s (QCB) coupled with its new core values of Quality, leading 昀椀rms, startups and entrepreneurs from future. Fintech Strategy, the strategic platform Future Focus, Customer Focus, and Authenticity, around the world to set up operations, here in embraces the values of collaboration, will serve as the roadmap for QFC’s forthcoming the State of Qatar. • Hailed as the ‘most connected’ tournament, creativity, and excellence to build an initiatives and reinforce its role as the premier QFC remains committed to innovation and harnessing technology and innovation 昀椀nancial and business hub in the region. leveraging emerging technologies to meet throughout, such as the use of AI-assisted ecosystem for global 昀椀ntech leaders and wearables to monitor players’ health, entrepreneurs to participate in and leverage Qatar has a strong and resilient economy, market demands and maintain competitive innovative cooling technology in stadiums and from. identi昀椀ed as one of the fastest-growing advantage. The organisation looks forward to other public places, besides numerous other • Breaking new ground in Qatar’s 昀椀nancial in the region by the World Bank in 2023, contributing to key state initiatives like the Joint tech-centric interventions, the event was landscape, QFC, with the support of QCB, and ranked 12th amongst 64 countries - most Committee for Financial Sector Development monumental in propelling the national digital Qatar Development Bank, Qatar FinTech of which are developed countries - in The World and the continuous enhancement of the Digital Competitiveness Yearbook 2023, issued by transformation. Hub, and other organisations, introduced the Assets Lab Framework, among other signi昀椀cant • Its ripple e昀昀ect was strongly felt across all Digital Assets Lab as the inaugural initiative the International Institute for Management projects, to diversify Qatar’s economy. sectors in Qatar, including construction, under its Innovation Dome. Designed to spur Development (IMD). hospitality, tourism and sport, providing open innovation, research and development further momentum to technological in digital assets and Distributed Ledger advancements and progress, fundamentally Technology (DLT), the Lab lays the foundation increasing the competitiveness and for the development of a digital assets sector in Qatar. The Lab is set to welcome its 昀椀rst diversi昀椀cation of the economy. cohort of participants in 2024 including • As an enabler of business and investment in 昀椀ntech startups, 昀椀nancial institutions, Qatar, pursuing opportunities to strengthen technology providers and members of Qatar’s economy, QFC remained active in academia from all over the world. capitalising this momentum throughout the year 2023. TOWARDS CONTINUED GROWTH IN 2024 | QFC ANNU | QFC ANNUAL REPORT 2023AL REPORT 2023
