QFC announces a 63.7% increase in new firms in 2020
The Qatar Financial Centre (QFC) increased its year on year growth by a record of 63.7% in the number of new firms registered in 2020 compared to 2019. The data indicates that 334 organizations were licensed in 2020 compared to 200 organizations in 2019. The latest developments make the QFC move closer to achieving its goal of licensing 1,000 firms in 2022 in line with its 2022 Strategy.
The new firms were registered in a variety of sectors including financial and non-financial services. The strategic clusters consisting of sports, media, and finance increased by 62 new firms under the QFC.
The outbreak of the pandemic presented limitations and restrictions as well as opportunities and possibilities, especially for new information and communication technologies (ICT) in financial and non-financial services. It resulted in an increase of 139.5% of new firms in the digital sector and the launch of a license for fintech start-ups and scale-ups with 91 new firms from countries and regions including the United Kingdom, United States, France, Russia, India and Pakistan.
The State of Qatar is positioning itself as a thriving destination for global organizations, partners and investors. The QFC expects its progress to continue due to the interest related to the 2022 FIFA World Cup as well as the reforms in the legal environment, efforts to
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