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

Media City Qatar, QFC Sign MOU to Boost Qatar's Media Ecosystem By Fathimath Nasli - January 31, 2024
Media City Qatar and QFC Sign MOU to Boost Media Ecosystem of Qatar

Signing of a Memorandum of Understanding between Media City Qatar and Qatar Financial Centre

Media City Qatar (MCQ), established to attract and regulate investments supporting Qatar's media ecosystem, has entered into a memorandum of understanding (MOU) with the Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a prominent onshore financial and business center in the region. The purpose of this collaboration is to facilitate the establishment of media companies in Qatar.

As per the agreement, QFC will register media companies that have received pre-approval from MCQ. These companies will be licensed jointly by both QFC and MCQ, with details of registration and licensing recorded on the QFC platform.

This partnership allows licensed companies to operate in Qatar in alignment with MCQ's permitted activities. QFC will assist in coordinating all necessary governmental procedures and tax-related processes in accordance with Qatar's legal framework and regulations. Simultaneously, MCQ will diligently oversee the companies' compliance with the relevant regulations governing media entities in Qatar.

In addition, the two entities will collaborate to promote each other's programs and activities, exploring opportunities for mutually beneficial projects that contribute to the development of Qatar's media sector.

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, serving as a regional leader in the media industry. It plays a crucial role in Qatar's economic diversification by providing a platform for media companies, entrepreneurs, innovators, and creative talent. 

MCQ aims to accelerate the evolution of regional media by fostering a powerful and innovative ecosystem, supporting the thriving of exceptional ideas and content.

Established with regulatory, developmental, and investment mandates, MCQ is dedicated to regulating and developing businesses, as well as unlocking investment opportunities within Qatar's media ecosystem. 

The organization strives to create a nurturing environment and a hub encompassing traditional and digital media, technology, communications, research, and development. From broadcasting and traditional/digital newspapers to gaming, user-generated content, and the integration of AI and advanced technologies, MCQ invites media businesses of various scales to join its diverse platform.

The Qatar Financial Centre (QFC), situated in Doha, is an onshore business and financial center that provides an excellent business environment in Qatar and the surrounding region. 

The QFC offers a unique legal, regulatory, tax, and business framework, allowing for up to 100 percent foreign ownership, complete repatriation of profits, and a competitive 10 percent corporate tax rate on locally sourced profits. It welcomes a broad spectrum of financial and non-financial services firms, further contributing to Qatar's dynamic business landscape.

Source: QNA

By Fathimath Nasli - January 31, 2024

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