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Tribune News Network
Doha
QATAR Tourism Authority (QTA) and the Qatar Financial Centre (QFC) have signed a memorandum of understanding (MoU) aimed at facilitating the establishment of business events companies in Qatar.
Through the agreement, QFC has added business events companies to the list of entities which can be licensed and incorporated in to QFC's regulatory framework. This makes it significantly easier for international exhibition and event organising companies to establish a presence in Qatar, in turn helping to contribute to the growth of business events, a priority sub-sector of Qatar's tourism industry.
DMG Events LLC, global producer of market-leading exhibitions and conferences, has become the first such company to enter the Qatari market under this agreement.
"QTA has been working closely with various authorities to introduce policies that support our efforts to attract foreign investment to Qatar's tourism sector, and we are grateful to QFC for helping us to take an important step forward in this area," said Saif al Kuwari, director of PR & Communication at QTA."Qatar offers a variety of investment avenues across the full value chain of tourism products and services, including those needed to attract and host successful business events. We are pleased that DMG Events recognises the strong prospects that the Qatar markets offers and look forward to working with them to tap into the sector's potential."
Companies licensed and incorporated into QFC benefit from its unique legislative framework, which allows quick and easy set up process, repatriation of 100 percent of profits and 100 percent foreign ownership.
Commenting on the signing, Kamal Naji, QFC Authority's Chief Strategy and Business Development Officer, said:"Our collaboration with QTA aims to further develop and enhance Qatar's thriving tourism industry. Our efforts in collaboration with QTA are aimed at facilitating the establishment of business events companies in Qatar as the nation continues to welcome some of the biggest financial, sport and cultural events in the region. I am confident that DMG Events will contribute positively to the diversification and development of the private sector."
The MoU between QTA and QFC also paves the way for a joint study of the tourism industry in Qatar, which aims to provide investors interested in the country's tourism sector with the insights needed to make sound business decisions.
DMG Events is set to launch a number of trade exhibitions in the coming year, including one focusing on interior design and another on the building services industry.
