The number of firms licensed by Qatar Financial Centre (QFC) reached 200 at the end of September 2014, registering a growth of 20 percent compared to the number of firms registered at the close of the last year, said Qatar Tribune. The QFC is in the process of giving licence to 25 more companies by the end of this year, Qatar Financial Centre Authority (QFCA) Deputy CEO Yousef Mohd al Jaida said.
Talking to Qatar Tribune on the sidelines of a business event, Jaida said the double digit growth in Qatar's population and Qatari government's plan to spend over $160 billion in various infrastructure projects have created many opportunities for international firms in the Qatari market. The firms licensed by the QFC this year are mainly related to events management, sports, real estate, health and infrastructure development. Jaida said that the QFC will continue to leverage its world class business environment to attract firms which are committed to supporting Qatar's economy.
Jaida said that many domestic firms are also planning to use QFC as a platform to do business outside of Qatar. Domestic firms make up 24 percent of active licensed firms at QFC. In 2013, 29 percent of firms which received QFC licences were domestic firms. The commercial opportunities backed by Qatar's strong commitment to diversification and growth will help QFC maintain its double digit growth in next year also, Jaida said.
Asked about the instances of commercial frauds committed by certain individuals at the QFC-licensed firms recently, Jaida said that QFC has strong legal system based on English Common Law to deal with cases related to commercial frauds.