Media City Qatar enters into an agreement with QFC

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 centre in the region, to facilitate the establishment of media companies in Qatar.

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 MCQ's permitted activities. The QFC will facilitate all necessary governmental procedures and tax-related processes per the legal framework and regulations of Qatar.

Meanwhile, MCQ will diligently oversee the company's compliance with the applicable regulations for media entities in Qatar.

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

Marking the occasion, 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 Qatar's vibrant media ecosystem. We extend our gratitude to the QFC Chairman and Minister of Commerce and Industry, HE 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."

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."

The partnership between the QFC and MCQ signifies a shared commitment to regulatory compliance, operational excellence, and fostering growth in the media sector.