Lord Mayor of the City of London Visits QFC Headquarters
The Qatar Financial Centre (QFC), one of the world's leading and fastest growing onshore business and financial centres today welcomed
The Right Honourable Charles Bowman, Lord Mayor of the City of London to its premises.
During the visit, the Lord Mayor of the City of London met with senior QFC representatives, including Sarah Al-Dorani, Chief Marketing & Corporate Communications Officer, Raed Al-Emadi, Chief Commercial Officer and Henk Jan Hoodeendoorn, Managing Director, Financial Sector Office.
The meeting comes as part of the QFC's commitment to further reinforce the strong historical relationship that exist between the UK and Qatar and to continue to enhance relations with the City of London. The QFC currently hosts over 80 British firms on its platform, this includes entities such as Barclays, Clyde & Co, Eversheds and Pinsent Masons.
The UK is the fourth largest exporter to Qatar. In 2016, UK exports to Qatar amounted to nearly QAR 11.2 billion registering a growth of 21.7% compared to 2014. The Qatari government also has more than QAR 140 billion in investments in the UK, this includes stakes in BAA, Sainsbury's, Barclays, London Stock Exchange, Harrods and The Shard. In 2017, Qatar announced that it will invest QAR 23.5 billion in the UK economy through various investment funds and relevant parties in Qatar over the next 3-5 years.
Al Dorani added: "We were delighted to host The Right Honourable Charles Bowman, Lord Mayor of the City of London at the Qatar Financial Centre. The meeting was very positive and we discussed a number of areas whereby the QFC and the City of London can potentially collaborate on in the near future. We look forward to continuing to work together."
The QFC is an onshore jurisdiction, allowing companies to operate in and from Qatar within the QFC legal and tax environment. The QFC endeavours to promote Qatar as an attractive business destination. Companies that wish to establish a business in the QFC are guided throughout by a dedicated QFC relationship manager who assists in the process of obtaining a license and offers support in matters related to operating a business in Qatar.
QFC firms enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries. In addition, the independent Employment Standards Office of the QFC embodies a unique Administrative Employment Dispute Resolution Centre accredited by the International Labour Organization (ILO), providing conciliation and adjudication services free of charge to help resolve workplace conflicts. The ESO is fully aligned with the Qatar National Vision 2030 and aspires to promote international best practices in the field of human capital.