Doha, 2 April 2008

The Qatar Financial Centre Authority has published its 2007 Annual Review on its website. The report covers for the first time the QFC Authority’s environmental policies as well as its support for Injaz Al Arab in establishing programmes in Qatar.

In the Chairman’s statement, HE Yousef Hussain Kamal, Minister of Finance, Acting Minister of Economy and Commerce and Chairman of the QFC Authority, says “In only its second full year of operations, the QFC licensed an additional 36 institutions, making a total of 69 in all as at 31 December 2007. Many of the world’s top rated banks, asset managers, insurance companies, accountancy and legal firms were among them. These firms have chosen to come to Qatar because of the opportunity to participate in our rapidly increasing market for financial services, and because of the quality of the legal and business infrastructure that the QFC has created. Moreover, an increasing number of firms now see Qatar as their regional centre of choice.

Stuart Pearce, CEO and Director General of the QFC Authority notes: “The quickening in the pace of firms establishing operations in Qatar reflects the growing understanding in the international finance community of the unique opportunity the QFC offers for firms to operate in Qatar, and to use it as a regional platform. The firms being licensed represented some of the finest organisations operating in the global finance industry today. Some 74% of our licensed firms are rated at A or higher by Standard & Poor’s, Moody’s or Fitch. The emphasis of the QFC on developing the financial sector of Qatar is also demonstrated by the fact that 59% of the firms licensed are regulated, that is providing financial services. Both measurements are higher than in any of the region’s other financial centres.”

A copy of the full text of the review can be viewed here, or can be accessed by visiting the QFC Authority website at www.qfc.com.qa

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.

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.