The Qatar Financial Centre (QFC) witnessed record growth in 2024, registering 836 new companies, representing a 156% increase compared to 2023, bringing the total number of registered companies to 2,489, with total managed assets exceeding $33 billion. The number of employees in the QFC’s financial community also rose to over 11,700 from 153 nationalities.
The companies registered in 2024 came from around 90 countries, with the highest numbers from the United Kingdom, India, the United States, Jordan, Turkey, France, Lebanon, and Qatar. Their activities spanned fintech, consulting services, media, information technology, and wealth management.
The Web Summit in Qatar played a pivotal role in attracting technology companies, which accounted for 26% of the companies registered during the year. The QFC offered attractive incentives during the summit, boosting foreign investments and economic diversification, and reinforcing Qatar’s position as a regional technology hub.
To enhance an attractive investment environment, the QFC signed 24 memoranda of understanding with prominent financial institutions, such as Qatar Islamic Bank, Masraf Al Rayan, Dukhan Bank, and the Chartered Institute for Securities & Investment. It also formed partnerships with Qatar Media City and Qatar Science & Technology Park to facilitate business establishment.
The QFC hosted notable events, including the 20th Corporate Registries Forum, the Qatar Financial Markets Forum in collaboration with Bloomberg, and the Family Offices Forum on wealth management. It also sponsored international conferences, including the Qatar Economic Forum and the Islamic Fintech Forum in Dubai.
The year 2024 also saw progress in the Digital Assets Lab initiative, which began with the participation of 29 entities developing solutions based on distributed ledger technology. The QFC also launched a framework for regulating digital assets, enhancing Qatar’s fintech strategy and affirming its role as a regional hub for financial innovation.
Yousuf Mohamed Al-Jaida, CEO of the QFC, described this growth as reflecting the QFC’s commitment to providing a sophisticated and attractive business environment for local and international companies, affirming continued efforts to support innovation and sustainable growth.
