Doha, 02 February 2010
- New strategies to develop hubs in Asset Management, Re-insurance and Captive Insurance
- New organizational structure to support strategy moving forward
The Qatar Financial Centre (QFC) Authority announced that the Board of Directors has endorsed a new strategic focus for the QFC Authority as it moves into 2010 and beyond, with the creation of three specific hub strategies concentrating on Asset Management, Reinsurance and Captive Insurance. The new strategies mark the next phase of the development of the QFC Authority.
Since its inception in 2005, the QFC has achieved a great deal to help build the financial services sector in Qatar. It has helped establish a legal environment for international firms, attracted international and local firms to Qatar and the QFC, and has positioned Qatar as a potential and viable venue for regional financial activities.
H.E. Yousef Kamal, Minister of Economy and Finance and Chairman of the Board of the QFC Authority, said: “The change in our focus marks a new strategic phase for the QFC Authority, and will ensure that we continue to build on our success and create a sustainable financial services sector both for and in Qatar. The steps we are taking today reflect our strongly held belief that by focusing on Asset Management, Re-insurance and Captive Insurance we will achieve the pre-eminent position in the region.”
Mr Abdulrahman Ahmed Al Shaibi, Delegated Member of the QFC Authority, said: “The QFC Authority will continue to work closely with financial and business organizations and government departments in Qatar to encourage and ensure the building of a financial services sector and workforce in Qatar.”
The QFC Authority also confirmed that it has undertaken an internal re-alignment to better deliver on its strategic focus. This has streamlined the internal structure into four core functions, namely Strategic Development, Legal Environment, Finance and Tax and QFC Administration.
Media Contact:
James Morley
Hill & Knowlton
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Email: james.morley@hillandknowlton.com
Sara Gourlay
Hill & Knowlton
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Email: sara.gourlay@hillandknowlton.com
Notes to Editors
Qatar Financial Centre (QFC) Authority
The QFC Authority is the commercial, administrative and legislative body of the QFC which is responsible for driving its commercial strategy, developing its commercial laws and forging relationships with the global corporate community and other key institutions both within and outside of Qatar. The QFC is a financial and business centre established by the Government of Qatar and located in Doha. It consists of the QFC Authority and the QFC Regulatory Authority, as well as an independent judiciary. The QFC 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 was created by Qatar Law No (7) of 2005 and operates to international standards providing a first class legal and business infrastructure for those licensed to operate within the organisation.
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