(MENAFN - The Peninsula) The Peninsula

Yousuf Mohamed Al Jaida (pictured), Chief Executive Officer, QFC Authority has termed Qatar's 2018 annual budget a reflection on the country's strong economic performance.

Commenting on the recently announced growth budget Al Jaida said: 'The State Budget for 2018 is testament to Qatar's strong economic performance despite the ongoing blockade. As the country's only business and financial centre, our overall strategy has always been to diversify the local economy and continue to attract FDI, so we are especially proud that the budget showed a clear increase in non-oil revenue and we look forward to seeing this continue to rise in the years ahead.

In 2017, the QFC continued its international outreach with roadshows across Europe and Asia and there was a clear indication of interest from abroad in ongoing major projects in the buildup to the 2022 FIFA World Cup.

Qatar's economy will continue to provide a vast array of opportunities for local and international investors as we continue to grow and develop in line with QNV 2030, he said

'The current regional developments do not deter us from our growth objectives and plans and this budget is further proof that Qatar remains open for business, the QFC Authority CEO said.

Earlier this year, the QFC reiterated and pledged their support and commitment to the goals set out by the Emir H H Sheikh Tamim bin Hamad Al Thani during his first speech since the onset of the on-going regional crisis.

The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region.

The QFC offers its own legal, regulatory, tax and business environment, which allows 100 percent foreign ownership, 100 percent repatriation of profits, and charges a competitive rate of 10 percent corporate tax on locally sourced profits.

The QFC welcomes a broad range of financial and non-financial services firms.

MENAFN2412201700630000ID1096269889