Dear Colleagues,

It gives me great pleasure to give you update on the recent developments in the QFC.

February has been a remarkable month marked by substantial growth in the number of firms on our platform. We are proud to announce that over 100 companies joined us during the 4-day Web Summit Qatar 2024, underscoring the significant competitive advantage we offer to businesses seeking to operate or expand within Qatar. With firms representing various sectors, this achievement marks a significant step towards achieving our objectives of economic diversification.

During the Summit, we had the privilege of signing three significant Memoranda of Understanding. These agreements, with Bahrain FinTech Bay, Partior, and the University of Doha for Science and Technology, underscore our commitment to fostering partnerships aimed at enhancing the financial services industry and driving Qatar's economy forward through innovation and knowledge sharing.

The economic prospects of Qatar are exceedingly positive. February's Purchasing Managers' Index reflects the country's economic resilience and dynamism. Moreover, Qatar's GDP is projected to exceed $300 billion by 2028, signalling a promising future for the country and businesses within its market.

We will continue to leverage these favourable economic conditions to attract businesses to Qatar and capitalise on the opportunities it offers to create an even more conducive business ecosystem in the country.

Sincerely,