DOHA, 17 January 2007

The Qatar Financial Centre Authority (QFC Authority) has released draft QFC Trust Regulations for public consultation. The document will be open for consultation for a period of 30 days with effect from 17 January 2007.

The QFC Trust Regulations are an important element of the QFC offering, and are necessary to support the development of innovative financial vehicles in the State of Qatar. The Regulations, consisting of 13 Parts and 68 Articles, set out inter alia the rules applying to the creation of trusts, the duties and powers of a trustee, and the rights and interests of beneficiaries of trusts. They also include definitions of the governing law and the role of the QFC Tribunal in the administration of QFC trusts.

Article 9 of the QFC Law of 2005 authorizes the QFC Authority, among others, to submit to the Minister of Economy and Commerce such Regulations to achieve its objectives or to enable it to carry out and enforce its powers and functions.

Stuart Pearce, CEO and Director General of the Qatar Financial Centre Authority, said "Establishing the legal framework for trusts to be established in the QFC is an excellent example of the role that the QFC was created to perform. It broadens the scope of financial services opportunities available in Qatar as a whole for the benefit of both QFC and State institutions.."

A copy of the regulations can be found here, or by visiting the QFC Authority website at www.qfc.com.qa

Media Contact: Steve Martin Head of Corporate Communications and Marketing

Office +9744967755 Mob +974 583 1937 e-mail s.martin@qfc.com.qa

Notes to Editors:

Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.

QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorisations.

QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.