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QFC registers 836 new firms, marking a 156% growth surge

The newly registered companies represent 90 countries, with the UK, India, the US, Jordan, Turkey and Qatar leading the pack.

QFC registers 836 new firms, marking a 156% growth surge
[Source photo: Krishna Prasad/Fast Company Middle East]

The Qatar Financial Centre (QFC) experienced record-breaking growth in 2024, registering 836 new firms—a 156% surge compared to the previous year. This influx brings the total number of firms operating within the QFC to 2,489, with combined assets under management exceeding $33 billion. The QFC community now boasts over 11,700 employees representing 153 nationalities.

The newly registered firms hail from 90 countries, with the UK, India, the US, Jordan, Türkiye, France, Lebanon, and Qatar leading the pack. These businesses operate across diverse sectors, including fintech, consulting, media, IT, and wealth management.

A key driver of this growth was the QFC’s active participation in the inaugural Web Summit Qatar in February 2024. This event proved instrumental in attracting many technology firms, constituting the largest share (26%) of 2024 registrations. Incentives offered during the summit further fueled this influx, attracting foreign investment.

Beyond the Web Summit, the QFC forged 24 memoranda of understanding with prominent institutions, including Qatar Islamic Bank, Masraf Al Rayan, Dukhan Bank, the Hashgraph Association, and the Chartered Institute for Securities and Investment.

The QFC hosted several high-profile events in 2024, including the 20th Corporate Registers Forum Conference, the Qatar Financial Markets Forum collaborating with Bloomberg, and forums focused on family offices and wealth management. The center also actively participated in major international events, such as the 7th International Conference on Islamic Finance, the Qatar Economic Forum, and the Islamic FinTech Forum in Dubai.

Significant progress was made with the QFC’s Digital Assets Lab, which welcomed 29 participants and launched its Digital Assets Framework.

This framework provides comprehensive legal guidelines for digital asset creation and regulation, covering tokenization, ownership rights, custody, and exchange transactions, aligning with the Qatar FinTech Strategy and bolstering the country’s leadership in financial innovation.

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