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History:
On
16th February, the State of Qatar ratified new
legislation designed to attract international financial
institutions and multi-national corporates to establish
themselves in a best-in-class international financial
centre in Doha – the Qatar Financial Centre.
Vision:
Qatar has become a significant player in the global
economy. The establishment of an international financial
centre represents Qatar’s next move to ensure its
continued economic success and development. For the
international business community it provides an exciting
new window to access and share in the enormous wealth
being created in the region.
The Centre has been designed to attract international
financial services institutions and major multi-national
corporations to share in the vision of a long-term and
mutually beneficial partnership with Qatar.
Mission:
The Qatar Financial Centre will serve as a
catalyst to the creation of a vibrant hub for revenue
generating activity in the Gulf – especially Qatar.
Against a buoyant economic backdrop coupled with support
from a forward-looking government, the Centre will
attract the highest quality financial services
institutions and corporates to share in the wealth of
Qatar and the region and take advantage of the wealth of
opportunity that Qatar can offer.
The Centre will be led by a commercial authority and a
regulator – the QFC Authority and the Regulatory
Authority respectively. Both will be independent of each
other and from the government of Qatar. Both have
independent budgets funded by the State and both will
report independently to the Council of Ministers (please
refer to
Structure in the 'About the QFC' section). The QFC
Authority is the commercial, administrative and
legislative body responsible for driving the commercial
strategy and for developing relationships with the
global corporate community and other key institutions
both within and outside of Qatar. The Regulatory
Authority is a body corporate owned by the State that
regulates financial services firms who operate in or
from the Qatar Financial Centre. It has a broad range of
regulatory powers to effectively and efficiently
authorize, supervise and, where necessary, discipline
regulated firms and individuals.
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