Doha, 21 April 2008

The Qatar Financial Authority has announced the appointment of James Sutherland as Director Business Development-Insurance and Reinsurance. In his new role Mr Sutherland will contribute to the development and implementation of the QFC’s strategy to become the regional platform of choice for the global insurance and reinsurance industry.

Prior to his appointment with the QFC Authority Mr Sutherland was with Lloyd’s of London where he was responsible for international development and operations. Earlier in his career he spent 11 years running insurance operations in South East Asia and 8 years with a global insurance broker in London.

Stuart Pearce, CEO and Director General of the QFC Authority, said: “We are delighted to welcome James to the QFC Authority. His depth of experience and market knowledge is essential for the further development of our insurance and reinsurance business.

“Qatar’s high growth rate but relatively low market share demonstrates that it has the potential to be one of the region’s most dynamic markets in non-life and life insurance. The regional share of the world’s insurance is currently less than one per cent, but it is showing significant growth, in excess of twenty per cent annually, which indicates that the Gulf and wider Middle East region is set to become a much more significant market for global insurers and reinsurers in the future. The world class legal and business construct of the QFC provides an ideal springboard for the insurance and reinsurance industry to develop the insurance sector in Qatar and to use it as its regional hub,” added Mr Pearce.

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.