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Qatar QFC Announces New Strategic Focus On Captive Insurance And Reinsurance,
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, February 05, 2010
The Qatar Financial Centre (QFC) Authority has announced a new strategic focus for 2010 and beyond, with the creation of three specific hub strategies concentrating on asset management, reinsurance and captive insurance.
Since 2005, the QFC has helped establish a legal environment for international firms, attracted international and local firms to Qatar and positioned Qatar as a potential and viable venue for regional financial activities.
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, reinsurance 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 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.
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