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November 12, 2017

QFC Head: Blockade Brings New Opportunities

Yousuf Mohamed Al Jaida discussed the Qatar Financial Centre’s role in bolstering Qatar’s economy during the ongoing blockade in a lecture at Carnegie Mellon University in Qatar (CMU-Q). Al Jaida is the chief executive officer of the Qatar Financial Centre (QFC).
Al Jaida outlined how the QFC has helped attract international firms and foreign direct investment to Qatar through its legal, business, regulatory and tax services. QFC’s policies allow for complete foreign ownership, repatriation of profits, and a competitive corporate tax rate for international firms in Qatar.

These diversification efforts have become particularly important during the ongoing blockade of Qatar, which Al Jaida said has given QFC the opportunity to tap into new markets and strategic partners in France, the UK, India and China.
“Our economy has shown great resilience in the past few months. Despite the ongoing regional uncertainty, business continues as usual for the QFC, and Qatar remains well and truly open for business,” he said.

Michael Trick, dean of CMU-Q and the university’s chief academic officer, commented, “If there is something to be learned from the last few months, it is how a business community can face adversity, analyse its new needs, adapt, and thrive. Our students are the next generation of Qatar business leaders, and learning from people like Mr. Al Jaida is an invaluable experience.”

Since its founding in 2005, QFC has been instrumental in expanding Qatar’s private sector. Al Jaida noted that the arrival of some of the world’s top consultancies and professional service firms is crucial to the country’s economic growth and diversity.
The Dean’s Lecture also featured special guest Andy Khawaja, the chief executive officer of Allied Wallet. Khawaja added his perspective of doing business in Qatar as an international corporation. Allied Wallet is a multi-billion dollar company that provides payment processing solutions for online merchants.

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