30 January 2024

Media City Qatar, QFC Sign MOU to Boost Qatar's Media Ecosystem

Local
  • Qatar

Doha, January 30 (QNA) - Media City Qatar (MCQ), established to attract and regulate investment opportunities to support the media ecosystem in Qatar, signed a memorandum of understanding (MOU) with Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business center in the region, to facilitate the establishment of media companies in Qatar.

Under the agreement, the QFC will register media companies pre-approved by MCQ, which will be licensed by both the QFC and MCQ. Registration and Licensing details will be recorded on the QFC platform.

This partnership enables licensed companies to conduct business in Qatar according to MCQs permitted activities. The QFC will facilitate all necessary governmental procedures and tax-related processes in accordance with the legal framework and regulations of Qatar. Meanwhile, MCQ will diligently oversee the companies compliance with the applicable regulations for media entities in Qatar.

Furthermore, the two parties will collaborate to promote each others programs and activities and evaluate opportunities for mutually beneficial projects toward developing the media sector in Qatar.

Marking the occasion, HE Chairman of MCQ Sheikh Dr. Abdulla bin Ali Al-Thani said: "This strategic partnership will empower Media City to attract and license media companies, further enriching Qatars vibrant media ecosystem. We extend our gratitude to the QFC Chairman and Minister of Commerce and Industry, His Excellency Sheikh Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-Thani, for facilitating the signing of this pivotal memorandum of understanding, which sets the stage for driving growth in the media industry and contributing to Qatars economic diversification.

We look forward to achieving Media City Qatar's vision as an attractive destination for local, regional, and international media businesses and initiatives across various scales." In this regard, Chief Executive Officer of QFC Yousuf Mohamed Al Jaida underscored the importance of the MoU, saying: "We are thrilled about this partnership with Media City, which marks a significant step in fostering media growth in Qatar.

Through this collaboration, we aim to streamline processes and provide a conducive environment for media companies to thrive in the country. Together with MCQ, we are poised to unlock exciting opportunities and drive innovation in the sector." This partnership between the QFC and MCQ signifies a shared commitment to regulatory compliance, operational excellence, and fostering growth in the media sector.

Media City Qatar (MCQ) is an emerging, collaborative global hub for media companies, entrepreneurs, innovators, and creative talent, and a regional leader in the media industry, contributing to Qatars economic diversification. It accelerates the evolution of regional media to create a powerful and innovative ecosystem where exceptional ideas and content thrive.

MCQ was established to regulate and develop businesses and unlock investment opportunities to support the media ecosystem in Qatar under its regulatory, developmental, and investment mandates.

MCQ aims to foster a nurturing environment and a hub for traditional and digital media, technology, communications, research, and development. From broadcasting to traditional and digital newspapers, from gaming to user-generated content, and enabling AI and advanced technologies, MCQ welcomes media businesses across different media segments of various scales to join.

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 up to 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. (QNA)



Keywords

Economy, Qatar
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