QFC Addresses The Need For Sustainability At Davos 2022

12 Jun 2022

Qatar Financial Centre World Economic Forum

As part of our commitment to promote a sustainable financial market, we developed the QFC Sustainable Sukuk and Bonds Framework to ensure that these financial instruments are fully utilised without compromising their integrity.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority

12 June 2022, Doha – Qatar: Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, participated in this year’s edition of the World Economic Forum Annual Meeting held in Davos, Switzerland. Yousuf Mohamed Al-Jaida, Chief Executive Officer and Sheikha Alanoud Bint Hamad Al-Thani, Deputy CEO & Chief Business Officer at the QFC, engaged in several business meetings with leading companies to share their expert insights on the Middle East market and explore potential collaborations that serve for sustainable and economic growth.

Discussing geopolitical challenges, rising global economic concerns and sustainability, this four-day event convened approximately 2,000 people, including head of states and governments, company CEOs, civil society leaders, global media outlets, and youth leaders from across the globe.

Yousuf Mohamed Al-Jaida spoke at a special session entitled “Transitioning to a Green Middle East”, a panel discussion that examined the acute impact of climate change on the MENA region and explored the capacity of global and regional actors to strengthen the region’s climate resilience.

Speaking from a finance perspective, Al-Jaida discussed the critical role of sustainable financing instruments, particularly Sustainable Sukuk and Bonds, in moving towards a green economy and building a more environment friendly and sustainable world. He also recounted the importance of sound and well-structured guidelines, such as the Sustainable Sukuk and Bonds Framework QFC introduced recently, to successfully develop a sustainable finance market and in preserving its integrity.

The QFC Sustainable Sukuk and Bonds Framework, the first in the GCC region, will promote appropriate disclosures of relevant information, reporting, and transparency concerning their issuance. The Framework also ensures that these financial instruments meet their objectives and prevent risks of greenwashing.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC said: “The environmental and economic challenges confronting the world continue to be exacerbated by rising global temperature and regional conflicts, making life increasingly difficult in many parts of the world. We have reached a critical time to address these challenges urgently and effectively.

Sustainable financial instruments such as green Sukuk and Bonds are powerful tools the financial sector can leverage to move the needle of climate change toward a more sustainable future. As part of our commitment to promote a sustainable financial market, we developed the QFC Sustainable Sukuk and Bonds Framework to ensure that these financial instruments are fully utilised without compromising their integrity.”

Amplifying the company’s voice, Sheikha Alanoud Bint Hamad Al-Thani, Deputy Chief Executive Officer & Chief Business Officer, QFC, positioned Qatar as a hub for business and talked about the QFC providing a world-class platform to support and further economic growth in the region. 

QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as up to 100 per cent foreign ownership, 100 per cent repatriation of profits, 10 per cent corporate tax on locally sourced profits, and an extensive double taxation treaty network with over 80 countries, a legal environment based on English common law and the right to trade in any currency.

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