The MoU, which was signed by Chief Executive Officer of QFC Yousuf Mohammed al Jaida and CEO and managing partner of B-Hive Wim De Waele, highlights the QFC's commitment to the national FinTech agenda which aims to attract international FinTech ecosystems to Qatar.
HH the Emir Sheikh Tamim bin Hamad Al-Thani officially received the mantle of hosting the 2022 FIFA World Cup Qatar from Russian President Vladimir Putin, in the presence of FIFA President Gianni Infantino, at a ceremony held at the Kremlin Palace in Moscow.
The Emir stressed the importance of 2022 World Cup to all Arabs as mentioned previously in 2010 and welcomed the world to Qatar World Cup 2022. Sheikh Tamim also confirmed the success of the tournament in Qatar and stressed his great trust in the Arab youth and friends who will be present in its organization.
HH the Emir Sheikh Tamim bin Hamad Al-Thani announced that Qatar is going to directly invest $15 billion in the Turkish economy. This came at a meeting of HH the Emir with HE the President of Turkey Recep Tayyip Erdogan at the Presidential Complex in Ankara mid-August 2018.
The Emir and the Turkish President discussed strategic bilateral relations. They also discussed ways to enhance bilateral cooperation in all fields, especially in economic and investment fields.
Qatar’s investment in Germany is estimated at $25 billion in numerous industries,, particularly those relating to technology, automobiles and banking.
HH the Amir Sheikh Tamim bin Hamad Al-Thani announced in his opening remarks at The Qatar-Germany Business and Investment Forum early September that Qatar intends to invest €10 billion into German economy over the next five years. The speech was delivered in attendance of Chancellor Angela Merkel and several senior Qatari and German officials and businesspeople.
HE Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said in an interview with Anadolu Agency that Qatar, through dependence on non-oil sectors, managed to continue executing its economic policies that aim for diversified economy. He added that self-sufficiency supported with economic diversification plans will be a landmark milestone in regional economies by 2030. He also said the Qatari riyal is one of the most stable and reliable currencies for decades thanks to strong national economy, central bank reserves and the sovereign wealth fund. HE the Minister said Qatar allows 100% ownership for foreign investors in all industries. The government took steps to exempt foreign capital invested from income tax for 10 years for specific investment projects.
Governor of Qatar Central Bank HE Sheikh Abdulla Bin Saoud Al-Thani said the Financial Sector Regulatory Strategy for the next five years is focused on three key pivots; innovation, financial technology and furtherance of the payment system platform. The aim is to achieve Qatar’s ambition to be a leading financial hub in the region. For that, he said in an interview with The Business Year, three main strategies have been designed considering new policies, regulations, and tools.
He said the new Financial Sector Regulatory Strategy for 2017-2022 prioritizes innovation, financial technology and the furtherance of the payment system platform. The global economic and financial front has raised new challenges and opportunities that have influenced central banks all over the world. In fact, they have changed the future of central banks.
Istanbul Chamber of Commerce (İTO) Chairman Şekib Avdagiç said Qatari capital in Turkey managed by businesspersons nears $1 billion and that more than 100 Qatari companies work in Turkey and are officially registered with the Chamber.
He added in an exclusive interview with Business Bridge that bilateral economic relations are very active. Some 40,000 Qatari people visit Turkey every year and trade exchange reached around $1.3 billion at the end of 2017.
Turkish firms execute projects in Qatar at a value of $14 billion and all these figures are significant for both countries, he said. Qatar, he noted, moves toward a major shift in terms of economy and growth rates and has already made considerable progress on economic diversification away from oil and gas economy.
Turkish companies work relentlessly with their Qatari counterparts for exchange of expertise and investments with a view to contributing to achieving the goals of the Qatar National Vision 2030. The Turkish official also said several key deals have been recently inked by Doha and Ankara in fields of defense weaponry production, machinery industries and agro-investment.
Below is the full interview:
S&P, one of the top 3 credit rating agencies in the world, said the most powerful factor to stimulate Qatar’s GDP will be the recovering prices of the hydrocarbon sector. It said increasing oil prices on global markets will reflect positively on the country’s finanial resources, let alone the expected rise in LNG production at North Field by at least 30% to 100 million tons, which has been announced mid-2017.
The agency said Qatar’s GDP is going to jump to roughly QR665 billion or $183 billion by the end of this year to reach some QR700 billion or $192 billion in 2019. It is predicted to then reach QR735 billion or $202 billion in 2020.