Dubai now has a new rival in its quest to become the Gulf region’s financial services and business hub after the Qatar Financial Centre (QFC) was officially opened for business on Sunday by Sheikh Abdullah bin Khalifa Al Thani, Prime Minister of Qatar.
Like Dubai, the rulers of the independent emirate of Qatar are attempting to diversify the economy away from reliance on vast, but finite, mineral wealth by allowing 100% foreign ownership in a number of economic sectors.
The new QFC law seeks to encourage project finance, private wealth management, insurance of all categories, Islamic finance and a wide range of investment, corporate and private banking opportunities.
The finance centre is regulated by the independent QFC Regulatory Authority, which is now ready to receive licence applications from international financial institutions and multinational corporations.
In a ceremony marking the formal launch of the QFC, Sheikh Mohammed bin Ahmed bin Jassim Al Thani, Qatar's Minister of Economy & Commerce, declared: "The vision for the QFC is to become a vibrant hub for conducting financial and professional services in a low cost, low risk environment. The QFC Regulatory Authority and its regulations have been designed to meet global best practices and deliver high standards with minimal bureaucracy."
He continued: "There is an extensive breadth of business that may be undertaken in the centre, but the strategic and commercial focus will be to encourage institutions that can help develop new and genuine revenue streams, thereby creating value for themselves and bringing complementary assets and skills to Qatar and the region."
The regulatory authority is to be headed by Phillip Thorpe, a New Zealander who previously held the managing director's post at the UK's Financial Services Authority, and more recently was the head of Dubai's financial services regulator, a position that he left last summer.
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