DOHA, 27 May 2007

The new Qatar Financial Centre Tower, in West Bay, was officially opened by HE Sheikh Hamed bin Jassim Bin Jaber Al Thani, Prime Minister and Minister of Foreign Affairs, on Sunday 27 May. HE Yousef Hussain Kamal, Minister of Finance, Acting Minister of Economy and Commerce and Chairman of the Qatar Financial Centre Authority also attended the opening ceremony.

The new building, which was completed for occupation on 1 March, will accommodate the Qatar Financial Centre Authority and the Qatar Financial Centre Regulatory Authority, as well as 35 of the 50 firms which have so far been licensed to operate from the Qatar Financial Centre. It will also house the Qatar Financial Centre Companies Registration Office, as well as hearings of the Qatar Financial Centre Civil and Commercial Court and the Qatar Financial Centre Regulatory Tribunal.

Stuart Pearce, Chief Executive Officer and Director General of the Qatar Financial Centre Authority, said: “It is just over 2 years since we opened for business in the Ministry of Economy and Commerce. We have now issued 50 licenses and are growing rapidly. The new Qatar Financial Centre Tower provides first class premises for companies setting up in Qatar, and with additional premises we are bringing on stream for licensed firms later in the year as well as firms who are operating from their own premises declared Qatar Financial Centre sites by the Council of Ministers, there is little doubt that the Qatar Financial Centre concept has proved a major success for Qatar.”

Phillip Thorpe, Chairman and Chief Executive Officer of the Qatar Financial Centre Regulatory Authority, said “Today provides us with a genuine landmark in the story of the development of financial services in Qatar and I pay tribute to the ambition and courage of the Government in conceiving of and supporting the Qatar Financial Centre concept. Without that support, we would not have been able to reach this important point or be able to contemplate such an exciting future. In two remarkable years we have created a modern, attractive, and above all practical legal and regulatory environment within the Qatar Financial Centre Authority to complement the enormous progress of the nation. I am delighted that the Qatar Financial Centre Regulatory Authority has been able to play a key role in shaping the achievements we celebrate this evening.”

The Qatar Financial Centre Tower was designed by Arab Engineering Bureau and was constructed by Gulf Housing and Contracting. Construction of the Tower commenced in December 2004. The building comprises 20 floors of which the Qatar Financial Centre Authority occupy two and the Qatar Financial Centre Regulatory Authority a further two, and a total area of 14,140 sq mts.

Representatives of firms with offices in the Tower, and members of the Boards and senior executives of the Qatar Financial Centre Authority and Qatar Financial Centre Regulatory Authority were also present at the opening ceremony.

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.

The QFC Civil and Commercial Court and QFC Regulatory Tribunal
The QFC Civil and Commercial Court and QFC Regulatory Tribunal were launched in February 2007. The President of the Court is Lord Woolf, formerly Lord Chief Justice of England and Wales. The Court is modelled on the internationally respected Commercial Court in London. In the event of disputes in matters of law, it will be the final arbiter. The Regulatory Tribunal has been established to hear and decide upon appeals from decisions of the QFC Regulatory Authority and other QFC agencies. Its Chairman is William Blair, QC. Both the President and the Chairman are supported by Judges who have held the highest judicial offices in their own jurisdictions.