QTA, QFC Sign Memorandum of Understanding

Doha, March 28 (QNA) - Qatar Tourism Authority (QTA) and the Qatar Financial Centre (QFC) have signed a memorandum of understanding 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 organizing 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. Director of Public Relations and Communication at QTA Saif Al Kuwari commented: "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." He pointed that the State of 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 recognizes the strong prospects that the Qatar markets offers and look forward to working with them to tap into the sector's potential," he added Commenting on the signing, QFC Authority's Chief Strategy and Business Development Officer Kamal Naji stated, "QFC's collaboration with QTA aims to further develop and enhance Qatar's thriving tourism industry. At the QFC, we continue to be agile and enhance our platform based on the needs and requirements of the local market. 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. Companies licensed and incorporated into QFC benefit from its unique legislative framework, which allows quick and easy set up process, repatriation of 100% of profits and 100% foreign ownership. The incorporation of business events companies under QFC comes as the business events sector enters a period of significant growth, with over 150 business events, including exhibitions, conferences, congresses and corporate meetings taking place in Qatar annually. QTA works with local and international events organizers, venues, and suppliers to ensure that the industry is operating at the highest standards, attracting regional and global business events and in turn, business tourists. 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. President of DMG events Middle East, Asia and Africa Matt Denton stated: "Our launches in Qatar are an important part of our strategy for expansion in the region and align perfectly with the aims of the QTA and QFC." "We are delighted to have been able to work with both organizations to become the first events company to enter the market under this groundbreaking initiative and we look forward to working with them further to attract an international audience of exhibitors and attendees to our globally-recognized building services and hospitality brands," he added DMG Events is a wholly-owned subsidiary of the Daily Mail and General Trust plc, one of the largest media companies in the United Kingdom. It was founded in 1989 and now manages over 80 events in up to 25 countries each year. Headquartered in Connecticut, USA, it is currently active in North America, the Middle East, North Africa, Europe, Asia, and Australia, employing over 300 staff. (END)