The Qatar Financial Centre (QFC) contributes 1% of Qatar’s gross domestic product according to the release of a report titled ‘The Economic Impact of Qatar Financial Centre’.
The report measures the QFC’s economic impact in different types of contributions from direct impact created by the QFC to indirect impact through the local supply chains and the employee spending for education, housing, healthcare and personal expenditures.
The QFC has more than 900 registered firms and the contribution to the country’s economy has evolved since the inception more than 15 years ago.
The activities of the QFC have directly and indirectly promoted and supported the creation of more than 12,000 high-value jobs in the country. The jobs are concentrated in the financial and non-financial professional services.
Its contribution to Qatar’s non-oil gross domestic product increased to 1.5%, illustrating the QFC’s role in helping to diversify the economy in the country.
As part of Strategy 2022 to increase the number of registered firms, the QFC has attracted several financial institutions companies who engage or involve in complementary business lines.
The report emphasizes the contributions of the digital sector, a key element of QFC’s Strategy 2022, and the expansion in financial services, sports and media.