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Qatar Financial Centre Authority and Luxembourg for Finance strengthen cooperation

Doha, Qatar, 29 January 2012

Qatar Financial Centre Authority and Luxembourg for Finance, the agency for the development of Luxembourg as a financial centre, held a joint seminar to explore how further to advance their partnership for financial services.

The seminar was the first step after the signing of a Memorandum of Understanding between QFC Authority and Luxembourg for Finance last year, to promote cooperation between the two countries in financial services.  Among the subjects discussed at the seminar were financial services opportunities in Qatar and the role of Luxembourg as an international hub for financial services in Europe.

The QFC Authority has refined a highly attractive and business friendly legal and regulatory environment, in which it is focusing on the three hubs of reinsurance, asset management and captive insurance. The strategy has resulted in growing recognition of Qatar as a financial centre. In 2011 Qatar won the award of Best Financial Centre in the Middle East from Global Investor magazine and was ranked highest in the Middle East by consultants Z/Yen Group.

Participants were welcomed by Mr. Abdulrahman Al Shaibi, Managing Director and Board Member, Qatar Financial Centre Authority and H.E. Luc Frieden, Minister of Finance, Grand Duchy of Luxembourg gave the keynote address. Shashank Srivastava, Acting CEO and Chief Strategic Development Officer, Qatar Financial Centre Authority, spoke about the financial services opportunities in Qatar. Mr Fernand Grulms, CEO, Luxembourg for Finance, described how Luxembourg developed into a European financial hub.

In addition, a panel discussion explored the opportunities for cooperation between the two countries. The moderator of the panel was Mr Grulms, and the panelists included: Mr François Pauly, CEO, Banque Internationale à Luxembourg; Mr Jacques Peters, CEO, KBL European Private Bankers S.A.; Mr Marc Saluzzi, Chairman, Association of the Luxembourg Fund Industry; and Mr Salah Al Jaidah, Chairman – Islamic Finance, Vice Chairman MENA, Chief Country Office-Qatar, Deutsche Bank AG – Qatar Branch.

The QFC Authority, the commercial arm of the Qatar Financial Centre, jointly hosted the seminar with Luxembourg for Finance. The Luxembourg for Finance delegation consisted of more than 60 representatives of Luxembourg’s financial and professional services sector.

H.E. Luc Frieden said: “Luxembourg is a modern, diversified financial centre that has a reputation for stability and for its openness to international markets. We look forward to developing the relationship between our two financial centres in the future.”

Mr. Abdulrahman Al Shaibi, Managing Director and Board Member, Qatar Financial Centre Authority said: “Qatar and Luxembourg have already established close relations in the financial sector. I am sure this seminar will strengthen those relations further and open up fresh avenues for cooperation.”

Last year Qatar and Luxembourg signed a number of cooperation agreements, including a Memorandum of Understanding on economic, trade and technical cooperation and an agreement on financial cooperation between the two countries. Since then, the Qatari investment fund Precision Capital agreed to buy Luxembourg-based KBL European Private Bankers, the private banking division of Belgium's KBC Group and has also been involved in the purchase of a significant stake in the private banking arm of Dexia Bank.

 

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For further information:

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

About Luxembourg for Finance
Luxembourg for Finance, the agency for the development of the financial sector, is a public-private partnership between the Luxembourg Government and the Luxembourg Financial Industry Federation (PROFIL), under the Presidency of the Minister of Finance, Luc Frieden.
The objective of the partnership is to contribute to the sustainable development of Luxembourg as an international financial centre by means of a structured international communications policy and by nurturing new business sectors. The principal mission of the agency is to create a strong brand image for the financial centre, communicating the advantages of its products and services to a wide public and highlighting the numerous opportunities available to investors and clients, whether institutional or private, from around the world.

For further information:
Eleanor de Rosmorduc,
Communication and Public Relations,
Luxembourg for Finance
Tel: +352 27 20 21 353 – email: eleanor.derosmorduc@lff.lu

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.

www.qfc.com.qa

Qatar Financial Centre Authority | QFCRA is the regulator for the QFC