QFC regulated institutions’, including Jordanians firms, assets grow to $12 bln

The Qatar Financial Centre (QFC) regulated financial institutions, including 75 Jordanian companies, have registered around 13 percent rise in their total assets which increased to QR44 billion ($12 billion) in 2020, compared to QR39 billion ($10.7 bil…

The Qatar Financial Centre (QFC) regulated financial institutions, including 75 Jordanian companies, have registered around 13 percent rise in their total assets which increased to QR44 billion ($12 billion) in 2020, compared to QR39 billion ($10.7 billion) in 2019.

A report issued on Tuesday by the QFC said that the growth in assets shows that the centre has built a robust business environment that continues to attract foreign investments, despite macroeconomic uncertainty.

QFC reported robust 2020 financial and operational results, including an increase in new license issues of 63.7 percent as compared to 2019, underscoring confidence in the potential for future growth, the report showed, noting that the rapid growth of assets is especially reflected in the rise of the total loans and advances, which increased from QR18.2 billion in 2018 and from QR25.8 billion in 2019 to QR29.8 billion in 2020.

The data highlights the proportion of loan and advances over total assets is at 68 percent at the end of December 2020.

The QFC continues to attract organizations from a wide range of industries. Despite pandemic-induced headwinds QFC experienced growth of its financial services and non-financial services sectors. With QFC’s growth was bolstered by new types of licenses being issued, such as fintech start-ups and scale-ups, a new legal service policy supporting licensed law firms to work with foreign clients, and new regulations enabling financial institutions establish a representative office in Qatar.

Source: Jordan News Agency