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Posted On: 10 July 2019 10:00 am
Updated On: 3 March 2020 11:58 am

QFC discusses fourth industrial eevolution at WEF's annual meeting of the new champions

Abdullah Amir
Abdullah Amir
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QFC Authorities

The Qatar Financial Centre (QFC) recently participated at the World Economic Forum's Annual Meeting of the New Champions, under the theme 'Leadership 4.0: Succeeding in a New Era of Globalization', in Dalian, China.

Established in 2007, the Annual Meeting of the New Champions is held in China. The event brings together 1,500 participants from 'Global Growth Companies', primarily from rapidly growing emerging countries such as China, India, Russia, Mexico, and Brazil, but also includes companies from developed countries, as well as the next generation of global leaders and technology pioneers from around the globe.

Chief Executive Officer at QFC Authority Yousuf Mohamed Al Jaida said "Qatar and the QFC are committed to sustainable economic development which remains a key national priority especially as the global economy transforms through the fourth industrial revolution. While digitalization of the economy offers unique challenges, it also affords immense business opportunities across industries ranging from fintech to sports, which is why the QFC has made these sectors a strategic focus."

Al Jaida added: "The Annual Meeting of the New Champions provides a unique opportunity to address the international challenges and opportunities that characterize the global landscape today by bringing together international thought leaders and entrepreneurs to discuss innovation and other important topics."

H.E. Managing Director of Business Development at QFC Authority Sheikha Alanoud bint Hamad Al-Thani, said: "The industrial revolution will continue to drastically transform the world of work and business, which is why it is imperative to actively anticipate these technological and economic shifts. As such, alternative investment strategies must be explored in order to ensure ongoing economic diversification, which has been one of the key mandates of the Qatar Financial Centre since its inception."

H.E. Sheikha Alanoud bint Hamad Al-Thani added: "Understanding the new players that are disrupting existing and established industries is equally important in order to weather the global changes, which is why the Annual Meeting of the New Champions is especially important."

The QFC is an onshore jurisdiction that allows registered companies to 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 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 81 countries.

Source: QNA
Image Source: The Peninsula Qatar