505 new firms were registered on the QFC platform in the first half of 2024 Tech sector accounted for the largest share of registered businesses, contributing to almost 38% RIYADH: A total of 505 new firms were registered on the Qatar Financial Centre platform in the first half of 2024, up 230 percent year on year, new data revealed. A QFC mid-year progress review disclosed that this rise brings the total number of firms on its platform to over 2,200, Qatar News Agency reported. The data further showed that the tech sector accounted for the largest share of registered businesses, contributing to almost 38 percent. This representation is mainly due to QFC’s strong presence at the Web Summit 2024 in Doha in February, where the company offered special incentives for companies registering during the event. The rise also came as part of QFC’s efforts to further boost the inflow of foreign investments, diversify the economy, and position the country as a leading tech hub in the region. The QFC data also indicated that the financial services sector accounted for 10 percent of the total number of new firms that joined the center’s platform in the first six months of 2024. The majority of these businesses came from the UK, France, and Jordan, as well as India and the US, and represent a diverse range of industries, including advisory services, fintech, IT, and innovation. The first half of 2024 also saw QFC entering into various partnerships and collaboration agreements, forging 12 memorandums of understanding with prominent local and international organizations. Among them are Masraf Al Rayan, MEEZA QSTP, and Hashgraph Association as well as the Chartered Institute for Securities and Investment, the Financial Services Development Council of Hong Kong, and the Canadian Arab Business Council. QFC also signed an MoU with Media City Qatar and a workflow agreement with Qatar Science and Technology Park in an attempt to streamline the business setup process in the country. During the first half of the year, the entity also organized several successful events, most notably the Qatar Financial Markets Forum 2024, held in partnership with Bloomberg to elevate its engagement with local and international business communities. QFC also hosted an event on wealth management, addressing challenges and spotlighting opportunities in the industry, with a special focus on family businesses in the tiny, gas-rich Gulf nation. Founded in 2005, QFC offers its own legal, regulatory, tax, and business environment, contributing to the decisive economic development and diversification prescribed by Qatar National Vision 2030.