Doha, 13 June 2011
The Qatar Financial Centre Authority (QFC Authority) today published its 2010 Annual Review and gave a positive and upbeat assessment of the financial services sector. 2010 represented the first operational year for the QFC Authority’s three hub strategy, which is positioning Qatar as regional leader in asset management; reinsurance; and captives as well as providing support for a full range of financial services providers.
Shashank Srivastava, acting CEO of the QFC Authority commented: “With the guidance provided by the QFC Authority Board and support of the Qatari Government, last year exceeded expectations. The global financial community emerged from two difficult years, into a period of controlled growth. Business people are more risk adverse and diligent about the investments and relationships they enter into which consequently has highlighted Qatar as an attractive destination for capital.
“Qatar’s stable macroeconomic environment, strong institutional framework and the government’s diversification policies have helped the country to achieve a ranking of 17th in the World Economic Forum’s Global Competitiveness Index for 2010-11, the highest rank in the MENA region. The growing importance of Qatar as a place to do business in the region is demonstrated by the growing interest and enquiries from firms seeking licenses at the QFC”.
The Annual Review covers the changes which have taken place in Qatar’s financial services through the year, and the growth of the sector. Among the firms licensed in 2010, Matrix ME Alignment Fund Management LLC became the first regulated property investment fund management firm whilst Kane LLC became the first firm authorised to provide a range of captive insurance management activities in the QFC, bringing the overall number of QFC licensed firms to 139.
This growth was underpinned by the economic strength of Qatar which saw its annual GDP increase by an estimated 18 per cent. In addition 43 companies are listed on the Qatar Exchange which rose 25 per cent in 2010, making it the best performing market in the region.
All the areas of special focus – asset management; captives; reinsurance – saw growth in the year with Qatar now being seen as an important centre for all three in the Middle East. The award of the FIFA World Cup 2022 also caught the attention of international investors with add-on benefits for Qatar as it is accepted as a serious contender in the global community. The scale of Qatar’s public and private infrastructure and industrial investment programmes, which are expected to total more than US$140 billion over the next five years, will be another catalyst for the ongoing development of the financial services sector.
Mr Srivastava added: “Our recent announcement that for the first time the MENA Investment Management Forum (previously known as the Fund Forum Middle East) will be coming to Doha is a clear indication that Qatar is increasingly being viewed as the regional centre for asset management. In October leading players in the industry will congregate in Qatar; all interested in the growth and expansion being delivered by Qatar’s National Vision 2030. Financial sector events like this showcase what we have to offer, and reinforce the skills and expertise that are present.”
The 2010 QFC Authority Annual Review will be available for download in softcopy on http://www.qfc.com.qa/Files/Reports/Annual%20Review%20final.pdf
Qatar Financial Centre Authority
Stephen Carriere
Head of Marketing and Corporate Communications
Qatar Financial Centre Authority
Tel: +974 4496 7784 - email: s.carriere@qfc.com.qa
www.qfc.com.qa
About QFC
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 in particular those operating in the reinsurance, captive insurance and asset management sectors 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 provides 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 Authority
The QFC Authority is the commercial, administrative and legislative body responsible for leading the expansion of Qatar’s financial services sector, providing a uniquely sustainable platform for regional growth in reinsurance, captive insurance and asset management.