June 2018

Business support leader hails a record year for growth in number of new firms

As CEO of the Qatar Financial Centre (QFC) Authority, Yousuf Mohamed Al Jaida is responsible for the success of the QFC in supporting Qatar’s economic goals.

“Our objective at the QFC is to diversify the economy and position Doha as the region’s leading financial and commercial capital,” he says.

One way that the QFC contributes to the expansion of a strong private sector is by providing a comprehensive framework for firms to do business in Qatar and the region. This encourages local and international investment, helping to create jobs and opportunities.

The 2022 FIFA World Cup, to be held in Qatar, has accelerated this aspect of the QFC’s work. The QFC will provide the necessary legal, regulatory, and financial support to local and international firms working on projects related to the tournament. This enabling framework is an essential part of Qatar’s journey towards economic maturity, diversity and sustainability.

However, Yousuf’s job does not end there. The QFC is here to support Qatar’s economy for the long term. As he points out: “Qatar’s plans for economic diversification and human capital growth pursuits are well enshrined in the Qatar 2030 Vision.”

Leading such an important organisation can be a daunting challenge at times. When an illegal blockade was imposed on Qatar in the middle of 2017, there was more pressure than ever on the QFC to ensure Doha remained a good place in which to do business.

QFC IN NUMBERS

• More than 500 firms across a variety of sectors
• 24 business licenses approved in the first quarter of 2018
• More than 3,000 people within the QFC community
• $20 billion combined total assets

Yousuf did not shy away from his task. Thanks to a series of economic reforms implemented by the State of Qatar in response to the blockade and the hard work of his team, 2017 was the Qatar Financial Centre’s most successful year on record.

He says: “2017 was the fastest growth period in the QFC’s 13-year history since its establishment in 2005. We recorded a 66% increase in new firms being licenced on the QFC platform in 2017 compared to the year before.”

This is something that Yousuf is especially proud of. He says: “As I reflect on the year that has passed, I look back with immense pride at everything our team has accomplished. Our success this year is best shown by our record growth.

“The way our nation and our entity stood up to the challenges of the blockade has been truly inspiring and will always be a proud moment in my career.”

For Yousuf, the future for Qatar and its economy is bright. He concludes: “I see Doha being a leading business and financial capital by 2022.”