The financial services sector has become a key player in the national economy in Qatar, ranking second after the oil and gas sector.
The Investment Promotion Agency (IPA) announced the establishment of a Business Solutions Center in Doha, in cooperation with the global UBS Corporation.
In a statement, the agency stated that this agreement is a strategic step complementing the memorandum of understanding that the Investment Promotion Agency and the global “UPS” had previously concluded in November 2020, with the aim of strengthening Qatar’s position as a leading center for financial services, by developing the business of the “U Group” BS in the country and support its regional expansion in the Middle East.
The launch of the Business Solutions Center contributes to promoting financial digital transformation in Qatar and developing local talent, especially with the recruitment of nearly 200 digital experts in the coming years.
The Investment Promotion Agency stated that the center will also support UPS’s strategy to enhance its expansion in the Middle East, by providing a central platform for information bases and solutions for products and services available to regional clients.
The Investment Promotion Agency announces the establishment of a Business Solutions Center in Doha, in cooperation with the global “UPS” Corporation. #qenahttps://t.co/REtOY1KiEO pic.twitter.com/e8P0YcAVnd
— Qatar News Agency (@QatarNewsAgency) January 25, 2022
Financial services boom in Qatar
According to the agency, the financial services sector has become a key player in the national economy in Qatar, as it comes in second place after the oil and gas sector, with a contribution of about 14 billion dollars, or about 7% of the gross domestic product, according to estimates for the year 2018.
The sector has experienced significant growth since then, as it has become more diversified to include FinTech and Islamic Finance.
The assets of the Islamic finance sector have grown at a total annual rate of 8% since 2015, reaching $129 billion in the first half of 2019, representing 33% of the total assets of the financial system in Qatar, and indicating significant growth opportunities.
Qatar has supported the financial technology environment, and launched some of the most important financial technology incubators and associated support programs in the region.
With the steady economic growth rates in Qatar – the highest among the Gulf Cooperation Council countries according to the World Bank (4.8% in 2022 and 4.9% in 2023) – the demand for financial services will increase.
Through a package of economic, legislative and regulatory reforms, Qatar has developed a world-class environment for business and investment, providing benefits such as zero tax on personal income, tax exemptions for a specified period, and no obstacles to localizing profits.
Source : Websites + Qatar News Agency (QNA)
