Doha - H E Sheikh Abdullah bin Saud Al Thani, Governor of Qatar Central Bank (QCB) inaugurated on Friday the representative office of Doha Bank at Suntec Tower One in Singapore.
Dignitaries from Qatar and Singapore representing government, banking and business sectors attended a gala dinner at Singapore Grand Hyatt hosted by Doha Bank to mark the occasion.
They included Sultan bin Nasser Al Suwaidi, Governor of UAE Central Bank, Wong Kok Pun, Singapore ambassador to Qatar, Egypt & Kuwait, Kola Luu, Executive Director, Monetary Authority of Singapore, Stuart Pierce, CEO of Qatar Financial Centre Authority, Phillip Thorpe, CEO of Qatar Financial Centre Regulatory Authority, Stephen Timewell, Managing Editor of The Banker Dr Joseph Torbey, President, Union of Arab Banks and many other senior level dignitaries.
Seetharaman, Deputy CEO of Doha Bank spoke at the event on developments taking place in Qatar in the last few years, highlighting various project developments in the field of oil and gas as well as infrastructure all of which, he said, "are transforming Qatar into a world class living experience".
"Today, Qatar is one of the best investment destinations in the world in terms of state incentives with industrial land provided at a token rent, electricity and natural gas at nominal rate, waiver of duties or taxes for 10 years, stable exchange rates, foreign ownership, freedom to repatriate the capital or profit".
"The rules and framework is very investor friendly, and are being made more attractive through regular upgrades. Qatar continues to look optimistic due to its proactive policy and professional environment", he said in his presentation on GCC transformation and opportunities.
Talking about the banking sector, Seetharaman lauded the role of regulators and financial sector industry leaders. "The developments in banking and financial sector in Qatar are second to none in terms of governance, products, service quality, technology and regulatory framework. We are amongst the front runners, in terms of comprehensive implementation of Basel II framework. Further, establishment of Qatar Financial Center brings Qatar prominently into global financial map, as a complement to normal banking channels. QFC is geared up to become a favorite global destination due to huge project finance opportunities, coupled with competitive infrastructure and government incentives", he said.
Referring to the relations between Qatar and Singapore, Seetharaman said that Singapore has already scaled up to become the third largest export partner of Qatar, with total trade value at $3.6bn.
The Free Trade Agreement, expected to be concluded soon between Qatar and Singapore will improve trade and investment links, and bring enhancement in many domains, he said.
© The Peninsula 2006
