PMI rises sharply in September, pointing to fresh momentum in non-energy private sector
The Qatar Financial Centre, one of the world's leading and fastest growing onshore business and financial centres, hosted an Investment Roundtable in Madrid, Spain on Thursday, 14 November.
The Investment Roundtable, which builds on the successes of the 2018 event, was organised to facilitate strategic cooperation across business activities and knowledge-sharing in an aim to develop closer relations with Spain's business community and provide access to investment opportunities in Qatar's market through the QFC platform. The QFC is already home to four Spanish companies: PanData Tech LLC; Acciona Producciones y Diseño; Rexton Holdings LLC and Elements Global Services LLC.
The event's participants included senior Qatari representatives from the QFC, who met with Spain's leading business and industry leaders, including representatives of the Madrid Chamber of Commerce and the Spanish Chamber of Commerce.
Additionally, and as part of the Madrid visit, the QFC also hosted the prestigious Global Annual Summit's 'The Capital' Gala Dinner, which was held on Thursday 14 November at Casa de America/Palacio de Linares. The event saw in attendance more than 40 high-level guests including wealth philosophers, government officials, family business leaders, technology entrepreneurs, philanthropists, impact investors and region heading executives.
Sheikha Alanoud bint Hamad Al-Thani, Managing Director of Business Development, QFC Authority said
The PMI signalled returning growth momentum in Qatar's non-energy economy in September. Moreover, the headline figure posted a steeper gain than in August. The overall rise during the past two months of 3.8 points is the largest observed since September-October 2017. The three main components of the PMI – new orders, output and employment – also posted steeper gains in September.
Firms highlighted new projects and work related to the 2022 World Cup as driving new business, and this also underpinned stronger expectations for output over the next 12 months. The Future Activity Index surged to the highest in 2019 so far and the second-highest on record.
Al-Thani added: "In addition, it was an honour to attend this year's Global Annual Summit and host senior business leaders at 'The Capital: Gala Dinner'. The Global Annual Summit provides an important framework for insightful discussion on key trends, issues and opportunities in the area of private wealth. As a platform which offers solutions to this key vertical, QFC is privileged to be part of the conversation."
Mr. Ghanim Al Madeed, Charge D'affaires, Qatari Embassy in Madrid said
"It was an honour to be part of the Qatar Financial Centre's Investment Roundtable in Madrid. The event was yet another excellent opportunity to showcase the many benefits of investing in Qatar through the QFC platform. Already a growing number of Spanish companies are taking advantage of the QFC's offering, as well as the opportunity to expand their business in the Middle East and beyond."
Elsa Salvadores Janssen, Deputy Director of Madrid Official Chamber of Commerce, Industry and Services
"We believe Qatar is a thriving country and example of international expansion. Therefore, the QFC Investment Roundtable was an opportunity to highlight the importance of Qatar to the Spanish market."
The Madrid visit also came as part of the QFC's efforts to highlight the strong and healthy economic and bilateral trade relations that exist between Spain and Qatar. In December 2018, Qatar and Spain agreed on a treaty on the avoidance of double taxation to enhance mutual trade, which is already rising significantly. Bilateral trade between the two countries grew by 5% to €1.2 billion, as of October 2019. The two nations also share economic ties that extend far beyond trade and Qatar has become one of the leading gas import destinations for Spanish companies.