LONDON, 9 July 2007
Goldman Sachs International is pleased to announce that it has been granted a license by the Qatar Financial Centre Regulatory Authority to operate as an authorized firm in the Qatar Financial Centre.
Wassim Younan, Managing Director and CEO of Goldman Sachs in the Middle East, said: “We are delighted to have received our license from the Qatar Financial Centre Regulatory Authority. This step is further evidence of our continued commitment to supporting the growth and development of our clients’ interests in the Middle East.”
Phillip Thorpe, Chairman and CEO of the Qatar Financial Centre Regulatory Authority, said: “We are very pleased to welcome Goldman Sachs as an authorized firm and see their commitment to Qatar as a further endorsement of the high standard legal and regulatory environment we have created with the QFC. We expect the expertise that Goldman Sachs brings to the financial services sector to add significant value to both public and private sector initiatives in Qatar.”
Tamim Al-Kawari, who joined Goldman Sachs earlier this year from Nakilat, the Qatar Gas Transport Company, will be the CEO of Goldman Sachs International Qatar.
Media Contact
Rebecca Nelson, Goldman Sachs
Tel: +44 20 7552 4358 e-mail rebecca.nelson@gs.com
Steve Martin
Head of Corporate Communications and Marketing, Qatar Financial Centre Authority
Tel +974 4967755 Mob +974 583 1937 e-mail s.martin@qfc.com.qa
Notes to Editors:
Goldman Sachs
Goldman Sachs is global investment banking, securities and investment management firm. We provide a wide range of services to a substantial and diversified client base that includes corporations, institutional investors, governments, non-profit organisations and individuals. Our headquarters is in New York and we maintain significant offices in London, Frankfurt, Tokyo, Hong Kong and other financial centres around the world.
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.