29 September 2008
UK Trade & Investment and Qatar Financial Centre Authority (QFCA) are working closer together than ever with the first UK/Qatar Financial Services Working Group meeting held on Monday, 29 September in Doha.
In June 2008, UK Trade & Investment and QFCA signed a Memorandum of Understanding (MoU) to cement each country's commitment to co-operate and mutual promote their respective financial services sectors in a coordinated, mutually beneficial and effective way.
The meeting provided an opportunity for representatives to confirm the group's broad objectives; identify, debate and develop potential links between financial sector professional services in both countries; and address key education and training, taxation and financial market development issues.
Robert Gray, Chairman, Debt Finance and Advisory, HSBC Bank plc FSSAB Special Representative for Qatar said:
"With the current global economic challenges it has become more important to work together to ensure the stability and future growth of our respective financial services markets.
"This MoU shows the how committed UK and Qatar are to foster our respective markets to open more doors and create more opportunities for future growth."
Through the MoU, QFCA will provide UK Trade & Investment with insights into and knowledge of the Qatari financial services market to highlight the commercial and promotional opportunities that exist for relevant UK companies.
Qatar is one of UK Trade & Investment's 17 high growth markets and as Andrew Cahn, Chief Executive said:
"With revenue's flowing from the world's 3rd largest natural gas reserves funding more than $130 billion on infrastructure projects there is now a high de¬mand for a wider more sophisticated range of financial solutions in Qatar.
"This presents vast opportunities for UK financial services companies to demonstrate their expertise, particularly in capital markets development, insurance and asset administration."
Stuart Pearce, CEO and Director General of the QFC Authority said:
"Qatar is rated highest among Middle East countries by Transparency International, and is rapidly growing its recognition and capabilities as an international financial centre, as demonstrated in the latest survey of international financial centres sponsored by the City of London.
"It offers a wealth of opportunities to firms across the financial spectrum that can help us deepen Qatar's financial sector, and we see great potential in working with UK Trade & Investment to help attract more key financial players to one of the most dynamic and fastest growing economies in the region, while supporting the participation of Qatari institutions in London's international financial marketplace."
The members of the working group from the UK include:
Mr Robert Gray - HSBC
Mr Anthony Trew - QNB London
Mr Simon Powley - European Finance House
Mr Jose Ribeiro - Lloyds of London
Mr Chris Jones - Credit Suisse
Mr Patrick Grant - Schroders
Mr Samer Hijazi - UKTI London
Ms Carli Darbyshire - UKTI Doha | Chair UK/Capital Markets
Banking
Islamic Finance
Insurance and Re-insurance
Funds Administration
Asset Management
UKTI support
UKTI support |
The members of the working group from QFCA include:
Mr Stuart Pearce
Mr Desmond Holmes
Mrs. Fetooh Al Zayani
Mr James Sutherland
Mr Shashank Srivastava
Mr Jon Morton
Mr Steve Martin | Chair Qatar
Banking & Asset Management
Insurance and Re-insurance
Insurance and Re-insurance
Strategy & Planning
Financial Training & Development
Corporate Communications and Marketing |
Media Contact:
For more information or to arrange an interview please contact Natasha Guerinoni in the UKTI Press Office on 020 7215 4218 or natasha.guerinoni@ukti.gsi.gov.uk.
Notes to Editor
1. UK Trade & Investment is the UK Government's international business development organisation, supporting businesses seeking to establish in the UK and helping UK companies grow internationally. The services offered by UK Trade & Investment bring together a network of business sector specialists and support teams in British embassies and Foreign and Commonwealth Office (FCO) posts all around the world, as well as key experts in government departments across the UK. UK Trade & Investment works with a wide range of partner organisations in the UK, including Regional Development Agencies and the Devolved Administrations, Business Links, Chambers of Commerce and trade associations. For more information, visit the web site at www.uktradeinvest.gov.uk. For latest press releases, visit the online newsroom at http://www.newsroom.uktradeinvest.gov.uk.
2. For further information on the UK as the leading global financial services centre and the single most internationally focused financial marketplace in the world go to www.theCityUK.com.
3. Qatar Financial Centre Authority's primary role is to establish, develop and promote Qatar as a leading location for both domestic and international financial firms, financial services and business.