DOHA - The expected launch of a single integrated financial regulator in the country will shore up moves towards capital market reform in the region.
Phillip Thorpe, Qatar Financial Centre Regulatory Authority (QFCRA) Chairman and CEO, told the audience of international regulators in Washington growth rates in the GCC were at unprecedented levels and the economic prospects were very encouraging.
"The Government of Qatar has consistently pursued a campaign of reform; for instance seeking to put in place a legal and regulatory environment meeting the highest international standards through the establishment of the QFC. The announcement in 2007 of plans for an integrated regulator is the logical 'next step' in that path of development," he said.
"Capital market development is essential to the growth of Qatar. The creation of a strong stock market and associated capital markets should be recognised as vital financial services infrastructure necessary to support the growth of the economy," said Thorpe.
Even as businesses here Qatar are increasingly demanding high quality and sophisticated financial services, consumers too are expecting a financial services environment in which they can have confidence and which will serve their long term savings and investment needs.
"I am certain the new integrated regulator will produce significant benefits for Qatari businesses and consumers alike, and the government's commitment to high standards will set a benchmark for capital market development in the region," said Thorpe.
© The Peninsula 2008
