DOHA, 16 March 2008

MultaQa Qatar, a conference for the international insurance and re-insurance industry about the rapidly growing insurance opportunities in Qatar and the Middle East region, opened at the Sharq Resort and Spa on 16 March in Doha. The Qatar Financial Centre Authority, in association with Global Reinsurance magazine, 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 HE Youssef Hussain Kamal, Minister of Finance, Acting Minister of Economy and Commerce, and Chairman of the Qatar Financial Centre Authority.

HE Yousef Kamal said “I hope it will become self-evident in the course of this conference that 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. Together we can build an industry that is prosperous and meets an important social and economic objective”. A copy of the full text of HE the Minister’s speech is attached.

A second keynote address was made by Lord Levene of Portsoken, Chairman of Lloyd’s of London, in which he provided a view from London on the future of the GCC insurance market.

The conference also included sessions on the role of the Qatar Financial Centre in supporting the development of the insurance sector in Qatar, the potential growth of the Middle East’s insurance & reinsurance industry, and specific aspects of the insurance industry presented by such companies as Swiss Re & EMB Consultancy Limited. The event concluded with an international panel discussion featuring representatives of Zurich International Life, Clyde & Co. & Qatar Insurance Company.

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.