Doha, 27 March 2007

The Qatar Financial Centre (QFC) Authority has issued its first Annual Review. The Review covers the period from the launch of the QFC on 1 May 2005 to 31 December 2006.

The Review contains statements by the Chairman of the QFC Authority, HE Yousef Hussain Kamal, Minister of Finance and Acting Minister of Economy and Commerce, and by the Chief Executive Officer and Director General of the QFC Authority, Stuart Pearce. It also includes chapters on the legal, business and tax infrastructure being established by the QFC Authority, the contribution it is making to Qatar’s economy, its relationships with the local and international financial and business community, and the companies licensed in the period covered by the Review.

In his statement in the Review, HE Yousef Hussain Kamal says “The strategic role of the QFC Authority cannot be underestimated. It is raising not only the capacity of financial services available in Qatar, but it is also helping to raise standards in our financial sector. By attracting to Qatar some of the world’s most prestigious banks, insurance companies and financial services firms, as well as companies essential to a growing financial sector, it is a crucial pillar in our economic strategy for the future. Through its wide range of promotional activities it has also done much to project Qatar and its vision to the world at large.”

Among the comments of firms licensed by the QFC Authority included in the Review are the following:

Ken Borda, Regional CEO, Deutsche Bank: “By licensing in the QFC, we are demonstrating both our commitment to developing the Bank’s infrastructure in the region and our belief in the exciting growth prospects for Qatar.”

Scott Callander, Manager of AXA Investment Managers Qatar: “The establishment of the Qatar office is a natural progression for AXA Investment managers. It clearly articulates our commitment and intentions for the Gulf region. The regulatory environment was an essential ingredient, and the QFC Authority’s structure and services were very impressive.”

Kris Babicci, Chief Executive Officer, Standard Chartered Bank, Qatar: “Our presence in QFC will allow us to better leverage on more creative and futuristic financial solutions and products that will, in turn, drive leadership in the capital markets. Qatar is gaining rapid recognition as a key business centre with an excellent base for financial companies looking to expand into the Middle East.”

The QFC Authority Annual Review is available on the QFC Authority website at www.qfc.com.qa/publications. Click here for the annual review pdf

Media Contact

Steve Martin
Head of Corporate Communications and Marketing
Tel +974 4967755 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.