Qatar Financial Center reports 156 percent surge in new firms to 2,489

The Qatar Financial Centre (QFC) experienced record growth in 2024, with 836 new companies joining, a 156% increase compared to 2023. This significant growth brings the total number of registered companies to 2,489, with total assets under management exceeding $33 billion. Simultaneously, the QFC community's workforce has grown to over 11,700 individuals from 153 different countries.

The newly registered companies in 2024 come from 90 countries, with the largest number originating from the United Kingdom, India, the United States, Jordan, Turkey, France, Lebanon, and Qatar. These companies operate across a wide range of sectors, including fintech, consulting services, media, information technology, and wealth management.

Yousuf Mohamed Al-Jaida, CEO of the QFC, stated, "The exceptional growth achieved by the Qatar Financial Centre in 2024 reflects our commitment to providing a developed and attractive business environment for both local and international companies."

The QFC actively participated in the [Qatar Web Summit](https://qatar.websummit.com/schedule/?gad_source=1&gclid=Cj0KCQiA4-y8BhC3ARIsAHmjC_GQy_kP6UYx-EPXfBvRZIv6IZSDeYCDU2MuE-NEGYX0Vzx4olqMCT8aAlfZEALw_wcB) last year, which played a key role in attracting a large number of tech companies to its platform. Tech companies accounted for 26% of the new registrations in 2024, making it the largest sector. The center also offered attractive incentives for companies choosing to register their businesses during the Web Summit, thus attracting foreign investment and contributing to economic diversification. Through its participation in the summit, the QFC also promoted Qatar's efforts to become a leading tech hub in the region.

Al-Jaida added, "Over the past year, we have continued to enhance innovation and support Qatar’s economic growth and diversification, and we aim to achieve even greater success in the coming years."

The QFC's business growth coincides with an improving economic outlook for Qatar. According to the latest statement from the International Monetary Fund (IMF), Qatar's real gross domestic product is expected to gradually recover to 1.75% in 2024-2025. In 2023, Qatar's real GDP growth was estimated at 1.3% due to the continued normalization of growth after the World Cup. The country's medium-term outlook is more optimistic, with the IMF projecting growth rates approaching 4.5%.

The IMF also anticipates that Qatar's non-oil output will experience growth, driven by substantial public sector investments, the development of the tourism sector, and ongoing liquefied natural gas expansion projects.

As part of its ongoing efforts to create a vibrant and attractive investment ecosystem that enables businesses to thrive, the QFC signed 24 Memorandums of Understanding (MoUs) in 2024, including agreements with prominent financial institutions such as Qatar Islamic Bank (QIB), Masraf Al Rayan Bank, Dukhan Bank, the Hashgraph Association, and the Chartered Institute for Securities & Investment.

The center also established other significant partnerships during the year, including a Memorandum of Understanding with Qatar Media City and a collaboration agreement with Qatar Science and Technology Park (QSTP), aimed at facilitating the establishment of businesses in Qatar. Furthermore, one of the QFC’s forward-looking initiatives, the Digital Assets Lab, made significant progress during the year. The lab has launched activities with 29 participants who are developing unique digital solutions and services based on distributed ledger technology.

To support this initiative, the QFC released the Digital Assets Framework to regulate digital assets, which includes comprehensive and clear legal guidance on the creation and regulation of digital assets, including processes related to tokenization, crypto and legal recognition of underlying asset ownership, custody arrangements, and transfers and transactions. These measures align with Qatar’s Fintech Strategy and reinforce the country’s position as a regional leader in financial innovation.

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