MADRID--(BUSINESS WIRE)--Senior officials from the Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, successfully concluded panel discussions, face-to-face consultations and networking events with professionals from Spanish corporations and private firms in Madrid today, in partnership with the Spain and Madrid Chambers of Commerce.
The event came as part of QFC’s efforts to address the strong historical relationship between Spain and Qatar, and to help companies looking to grow their businesses in the Middle East.
Bilateral relations between Qatar and Spain continue to grow stronger. In 2017, bilateral trade between Qatar and Spain increased by 37% to more than €1 billion compared with the previous year. In February 2018, Qatar and Spain signed an agreement to avoid double taxation and prevent income tax evasion (DTA).
Despite the imposition of a blockade on Qatar in June 2017, the Gulf country’s economy has continued to blossom, and its economic diversification strategy has been accelerated as a result of the regional situation.
Highlights at the roadshow included presentations from senior QFC representatives who highlighted market sectors to potential investors, including:
€16.1 billion Investment in Qatar’s Sports & Events Market till 2023
€10.3 billion Transportation Market
€4.6 billion Healthcare Market
€4.4 billion Tourism & Culture Market
Speeches and panel discussions included representatives from both the Madrid and Spain Chambers of Commerce, the Ministry of Economy and Competitiveness, IBERDROLA, and Qatar Airways. Participants also engaged in one-on-one consultation sessions with QFC’s leading experts, enabling them to gain a better understanding of the business landscape and advantages of operating businesses in Qatar.
Commenting following the successful completion of the roadshow H.E. Mohammed bin Jaham Al-Kuwari, Ambassador of the State of Qatar Spain who was Guest of Honour at the event, added: “A number of prominent Spanish businesses came to the QFC Authority’s Madrid roadshow to learn about the vast array of opportunities in Qatar. Spain and Qatar have had a very close relationship for many years now, Spain is one of the main importers of Qatari natural gas and Spanish food exports in Qatar have increased since the start of the blockade. Another clear sign of the prevailing harmony between both nations are the more than one hundred Spanish companies present in Qatar. I am convinced that these relationships will continue to grow stronger in the future.”
Yousuf Mohamed Al-Jaida, QFC Authority Chief Executive Officer, said: “Despite the regional blockade, Qatar and the QFC are finding challenges have indeed become opportunities. 2017 was the fastest growth period for the QFC, with new firms joining the platform increasing by 66% compared to the previous year. In addition, Qatar is opening up its economy even more, allowing more access and ownership to foreign investors.” He continued: “Why are we experiencing so much success you ask? It is simple. Qatar is an unsaturated market, full of opportunities and investors are attracted to this.”
He concluded: “Our roadshow in Madrid provided the ideal opportunity for Spanish investors and businesses to discuss these opportunities and learn how the QFC can support them in setting up in Qatar. Our discussions have been very fruitful and we are confident that they will positively contribute in further enhancing the relations between Qatar and Spain.”
Once a company submits its application, a dedicated QFC relationship manager is appointed to provide guidance on the registration process, obtaining a license and setting up operations. QFC firms enjoy competitive benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries. In addition, the Employment Standards Office of the QFC is the first Administrative Employment Dispute Resolution Centre in the MENA region operating under International Labour Organization (ILO) standards.
Applications to set up under the QFC in Qatar can be initiated by visiting its website www.qfc.qa.
ABOUT THE QATAR FINANCIAL CENTRE
The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits.
The QFC welcomes a broad range of financial and non-financial services firms.
For more information about the permitted activities and the benefits of setting up in the QFC, please visit qfc.qa.
@QFCAuthority | #QFCMeansBusiness
* Source: AETOSWire