DOHA, 18 September
- HE Dr Khalid Mohammed Al Attiyah appointed Deputy Chairman
- New Executive Position created
The Qatar Financial Centre (QFC) Authority has announced changes to the composition of its Board of Directors. HE Dr Khalid bin Mohammed Al Attiyah, Minister of International Co-operation and Acting Minister of Business and Trade, and Chairman of the Qatar Exchange, has been appointed Deputy Chairman in succession to Dr Hussain Ali Al Abdullah. Dr Hussain Ali Al Abdullah remains a non-Executive member of the QFC Authority Board.
In addition, the QFC Authority has created a new position of Delegated Member on its Board. Mr Abdulrahman Ahmad Al Shaibi, formerly a non-Executive Director of the QFC Authority, has been appointed to this new position.
The role of Deputy Chairman of the QFC Authority provides for deputising for the Chairman of the Board when he is not in attendance, and for undertaking the responsibilities and duties of a non-executive director of the organization.
The new position of Delegated Member reports direct to the Chairman of the Board, and will assume executive management responsibilities within the QFC Authority. The Delegated Member will be responsible to the Board for the execution of the Board’s policies and the implementation of its strategic objectives. He will be supported in his new role by the CEO and Director General of the QFC Authority as well as the Executive Committee of the QFC Authority.
The creation of this new role will enhance coordination between the QFC Authority’s executive management and the Board and State institutions, and will help to ensure that the QFC Authority’s important role in developing financial services in Qatar continues to be closely aligned with the broader objectives of the government of Qatar.
The Chairman of the QFC Authority, HE Yousef Hussain Kamal, Minister of Economy and Finance, said “The QFC Authority has contributed significantly to the development of Qatar’s financial sector. Looking ahead there are a number of significant initiatives, strategies and projects being pursued by the QFC Authority that will contribute even more tangibly to the development of financial services in Qatar and the region as a whole. Such major activities require close co-ordination with the Qatari government at a time when the country itself is experiencing rapid economic development and change. The Delegated Member will oversee this important relationship, ensure that all key stakeholders are kept informed of developments and guide and advise the Executive Committee of the QFC Authority on the future strategy of the organization.”
Media Contact:
Steve Martin
Director of Marketing and Corporate Communications
Tel +974 4967755 Mob +974 583 1937 e-mail: s.martin@qfc.com.qa
Layla Salem
Senior Media Executive
Tel +974 4967793 Mob +974 5830054 e-mail: l.salem@qfc.com.qa
Notes to Editors:
The QFC Authority Board comprises:
HE Yousef Hussain Kamal, Chairman
He Yousef Hussain Kamal is Minister of Economy and Finance, Chairman of Ras Laffan Liquefied Natural Gas, Chairman of Qatar National Bank, Chairman of RasGas, Deputy Chairman of Qatar Petroleum, a Director of Qatar Telecommunications, and a Director of Qatar Central Bank.
HE Dr Khalid bin Mohammed Al Attiyah, Deputy Chairman
HE Dr Khalid Mohammed Al Attiyah is Minister of International Co-operation and Acting Minister of Business and Trade, and Chairman of the Qatar Exchange.
Abdulrahman Ahmed Al Shaibi, Delegated Member
Mr Al Shaibi is Executive Director of the QFC Authority, Director of Finance of Qatar Petroleum and a Board member of Qatargas Companies and Qatar Petroleum International. He is also a member of the State's Finance Policy Committee, and Chairman of Qatar Insurance Services, which trades as Qatarlyst.
Stuart Pearce, CEO and Director General, and Executive Director
Mr Pearce is CEO and Director General, QFC Authority.
Dr Hussain Ali Al Abdullah, Non-executive Director
Dr. Al-Abdullah is an Executive Board Member of the Qatar Investment Authority.
Ian Cormack, Non-executive Director
Mr Cormack is Non-Executive Director of Pearl Assurance Group. He was previously European Chief Executive of AIG Inc, prior to which he had a 30 year career with Citigroup.
Dr Chris Gibson-Smith, Non-executive Director
Dr Chris Gibson-Smith is currently Chairman of the London Stock Exchange and the Chairman of the British Land Company.
Rajat Gupta, Non-executive Director
Mr. Gupta is Senior Partner Emeritus of McKinsey & Company.
Dr Huan Guocang, Non-executive Director
Dr Huan is Chief Executive Officer of Primus Pacific Partners, a private equity firm. He has held senior investment banking positions at J. P. Morgan & Co., BZW Asia, Citigroup, and HSBC.
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 operates 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.
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