QFC, Enterprise Singapore enter into pact; focus on digital, fintech, medtech, education and smart cities

Qatar Financial Center Authority (QFCA), the legal and fiscal arm of Qatar Financial Center (QFC), and Enterprise Singapore (ES) have signed a memorandum of understanding (MoU) to promote investment opportunities between the two economies.
The MoU, which is QFC’s first agreement with a Singaporean organization, seeks to strengthen its close cooperation with the Southeast Asian country. The agreement will focus on strengthening business activities in digital, fintech, medtech, education and smart cities.
The agreement was signed by Sheikha Alanoud bint Hamad al-Thani, Deputy Managing Director and Chief Business Officer, QFC, and Tan Soon Kim, Assistant Managing Director, Enterprise Singapore, during QFC’s official visit to Singapore.
ES is a government agency that champions business and industry development, working with Singaporean companies to build capacity, innovate and internationalise. It builds trust in Singapore’s products and services and promotes international trade and start-up development.
Under the MoU, both parties will jointly develop and implement outreach initiatives and business matching activities, as well as organize an investment event to connect investors from Qatar to startups from Singapore and vice versa investors from Singapore to startups from Qatar.
Furthermore, the QFCA will endeavor to provide technical and business advice to qualified Singaporean companies referred by the ES, effectively providing them with incentives and licensing assistance.
Jai Sohan Singh, Singapore’s Ambassador to Qatar, highlighted the growing partnership between the two countries, “The relationship between Qatar and Singapore is excellent. This MoU marks a further step forward in bringing the comprehensive cooperation between the two countries to a higher level. I looking forward to many more such agreements.”
Sheikha Alanoud said this agreement with Enterprise Singapore builds on the strong bilateral ties between Singapore and Qatar and forms a new basis for cooperation that is set to open opportunities for expanding business and economic partnerships.
“Singapore is a top trading partner in Qatar with well-established and active ecosystems in sectors covering QFC’s primary focus areas. As our first MoU with a Singaporean organisation, this unlocks gates for QFC to access a rich and progressive market,” she said .
Kim said Qatar and Singapore are both globally oriented economies with a common goal of driving growth through mutual cooperation and bilateral investment.
Singaporean companies have the ability to collaborate with Qatar across multiple sectors, including the digital and urban solutions sectors, according to him.
“This MoU will enable Singaporean companies to access the market in Qatar and the wider Middle East region through QFC’s network. It will enable our companies to grow together with one of the fastest growing economies in the Gulf Co-operation Council and further help in our companies’ global diversification efforts to build resilience,” he said.
The visit to Singapore came as part of QFC’s commitment to promoting Qatar as an important financial destination and highlighting the growing investment opportunities in the country and the Middle East.
Sheikha Alanoud, on behalf of the QFC, held a series of meetings, including with the Ministry of Trade and Industry (MTI); Saoud bin Jassim al-Jufairi, Qatar’s ambassador to Singapore; and with Singaporean businesswomen.
The QFC showcased Qatar’s strengths in the digital sector, which is valued at $4.4 billion in 2021 and set for rapid growth with an expected $9 billion worth of ICT (information, communication and technology) spending by 2024, as well as the Qatari sports sector, currently worth US$20 billion, to channel partners, business leaders and other stakeholders within Singapore’s sports and ICT sectors.
Singapore and Qatar have demonstrated strong bilateral relations. In 2021, the volume of trade exchange between the two countries reached over $5.87 billion, a significant increase from more than $3.75 billion in 2020.
Singapore stood as Qatar’s sixth largest trading partner. QFC’s current outreach initiative, driven by the mission to further diversify Qatar’s economy by attracting investment, builds on this strong bond between the two countries.