DOHA, 26 March 2007

MultaQa Qatar, a conference for the international insurance and re-insurance industry to examine the rapidly growing insurance opportunities in Qatar and the Middle East region, opened at the Sharq Resort and Spa on 26 March in Doha. The Qatar Financial Centre Authority, in association with Global Reinsurance magazine, has organized the two day event for top representatives of international and regional firms who are already pursuing insurance opportunities here or who wish to learn more about the potential for the insurance and re-insurance business in Qatar and the region.

The keynote address for the event was delivered by Dr Hussein Ali Al Abdullah, Executive Director of the Qatar Investment Authority and Deputy Chairman of the QFC Authority.

The conference includes sessions on the role of the Qatar Financial Centre in developing the insurance sector in Qatar, reviews of significant capital investment being carried out by Qatari institutions such as Pearl GTL, Nakhilat, RasGas and Qatar Airways, and presentations on specific aspects of the insurance industry by such companies as Areospace Willis and Ensurion. The event concludes with an international panel discussion featuring representatives of Standard and Poor’s rating agency, Marsh, Asia Capital Re and AXA Gulf..

In his keynote speech, Dr Hussain Ali Al Abdullah said “I hope this will prove to be a stimulating and rewarding opportunity to learn about the scope that our dynamic and open economy offers to international insurers and reinsurers. Our commitment to investing the fruits of the nation’s energy resources in building physical infrastructure in industry, business, culture, transport and social development is now common knowledge….we welcome your participation in this exciting future.”

Media Contact

Steve Martin
Head of Corporate Communications and Marketing
Tel +974 496 7755 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.