DOHA: Qatar will soon become the most vibrant financial hub in the GCC region. For this it offers significant growth prospects and opportunities for companies that deal in wealth management, banking and corporate financing, said a senior official of the Qatar Financial Centre (QFC) Authority, yesterday.
"Qatar will soon become the financial hub in the region and has tremendous business opportunities for companies working in asset management, re-insurance and banking sectors", said Shashank Srivastava, Acting CEO and Chief Strategic Development Officer of QFC Authority at a press conference on the sidelines of a one-day seminar on 'Doha & Luxembourg, A Partnership For Financial Services' held here at the Four Seasons Hotel.
Both the partners shed light on the asymmetries between the two economies and said that in a global business environment they do not see each other as competitors and committed to cooperate with QFCA to develop Qatar as the largest financial hub in the region.
"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", said Luc Frieden, Finance Minister of Luxembourg.
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."
QFC Authority and Luxembourg for Finance, the agency for the development of Luxembourg as a financial centre, held this 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 an 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.
In addition, a panel discussion explored the opportunities for cooperation between the two countries. The moderator of the panel was Fernand Grulms, CEO, Luxembourg for Finance and the panelists included: François Pauly, CEO, Banque Internationale à Luxembourg and many others.
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.
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.
© The Peninsula 2012
