QFC and MCQ join forces to boost Qatar’s digital and media services sector

Media City Qatar (MCQ), established to attract and regulate investment opportunities supporting Qatar’s media ecosystem, has signed a Memorandum of Understanding (MoU) with 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 MoU’s goal is to facilitate the establishment of media companies in Qatar.

As per the agreement, the QFC will register pre-approved media companies by MCQ, which will receive licenses from both the QFC and MCQ. Registration and licensing details will be recorded on the QFC platform. This collaboration allows licensed companies to operate in Qatar in accordance with MCQ’s authorized activities. The QFC will handle all necessary government procedures and tax-related processes within Qatar’s legal framework and regulations. Meanwhile, MCQ will closely monitor the companies’ adherence to the relevant regulations for media entities in Qatar. Additionally, both parties will work together to promote each other’s programs and activities and explore opportunities for mutually beneficial projects to advance Qatar’s media sector.

Expressing his enthusiasm for the MoU, His Excellency Sheikh Dr. Abdulla bin Ali Al-Thani, Chairman of MCQ, stated, “This strategic partnership will empower Media City to attract and license media companies, further enriching Qatar’s 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 Qatar’s 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.”

Yousuf Mohamed Al-Jaida, Chief Executive Officer of QFC, emphasized the importance of the MoU, stating, “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 demonstrates a shared commitment to regulatory compliance, operational excellence, and fostering growth in the media sector.

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