Doha, 19 March 2007

QFC Stages Major International Insurance Conference

The Qatar Financial Centre Authority will be hosting a major international business event on 26-27 March 2007, named MultaQa Qatar, at the newly opened Al-Sharq hotel in Doha. MultaQa Qatar will bring to Doha top representatives of firms who are already looking at the growing insurance opportunities here – stimulated by Qatar’s major investment programme – or who wish to learn more about the scope for business in Qatar and the region. The event is being organised in association with Global Reinsurance magazine, one of the world’s leading publications for the insurance industry.

Multaqa means meeting place or rendezvous, and in that sense it will showcase Qatar to the world’s top insurance representatives and to provide them with a unique networking opportunity with representatives of Qatar’s and the region’s business and financial community.

Fetooh Al Zayani, the QFC Authority’s Managing Director Business Development Insurance and Re-insurance, says “The increasing attention being shown in the Middle East markets by such global insurers as AXA, AIG and Alico suggests that a paradigm shift is taking place in the region’s appetite for insurance. This is driven by developments in the international insurance industry, as well as the increasing maturity of the GCC’s economies and the improved business and legal environment being established in these markets.

“To date, the GCC insurance industry has only a 0.14% share of the world insurance market (valued at $3.4 trillion in 2005). Recent research shows that the regional growth of demand for insurance is higher than the growth rates seen in most large insurance markets across the world. We believe that this demonstrates that the prospects for more foreign entrants into the region, and the awakening of our insurance markets, are bright. MultaQa Qatar is an important step in this direction.”

The keynote address of the conference will be given by HE Yousef Hussain Kamal, Minister of Finance, Acting Minister of Economy and Commerce and Chairman of the Board of the QFC Authority. The 2 day conference will include presentations by senior representatives of Qatari and international institutions on the insurance needs and opportunities in Qatar. Further details of the event can be found at www.globalreinsurance.com/qatar2007.

Media Contact

Steve Martin
Head of Corporate Communications and Marketing
Tel +974 494 5466 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.

Insurance
The QFC Authority aims to create a thriving hub for insurance services. It is seeking to attract all components of the industry to benefit from the regulatory and business environment it is creating for them to develop and grow. It will thus assist in raising the profile of the regional insurance industry, and in raising awareness internationally of the opportunities being created by the Middle East’s rapidly changing risk environment. The QFC Authority will support insurance and reinsurance companies, brokers, captives, educational and training centres, as well as rating agencies and loss adjustors and other related service providers in achieving success through the QFC.