QFC Authority and Paris Europlace sign co-operation agreement

The agreement was signed by Stuart Pearce, CEO and Director General of the QFC Authority and by Arnaud de Bresson, Managing Director, Paris Europlace.

The signature of the document took place during the visit of the French Minister of Economy, Industry and Employment, HE Ms Christine Lagarde, who is leading a French business delegation to Qatar.

The Memorandum of Understanding covers several areas such as co-operation in mutual marketing and promotional activity, the establishment of strong working relationships between the two organizations, and the encouragement of co-operation between financial firms in Qatar and France, and more generally the promotion of the economic development of both nations.

His Excellency Yousef Hussain Kamal, Minister of Economy and Finance, and Chairman of the QFC Authority, said:

"The government of Qatar established the QFC to attract leading international financial institutions, and the firms that support them, to help us grow our financial sector. We feel confident that this agreement with Paris Europlace will encourage French firms to enter the Qatari market and to participate in our dynamic economic growth."

Her Excellency Mrs Christine Lagarde, the French Minister of Economy, Industry and Employment, underlined: "This partnership between the Qatar Financial Center Authority and Paris Europlace testifies the quality of the relationships between France and Qatar, as well as the importance of measures set up by the French government to improve the attractivness of the Paris financial marletplace and welcome the international long term investors and the Islamic finance professionals."

Mr Stuart Pearce, CEO and Director General of the QFC Authority, said: "The Memorandum of Understanding with Paris Europlace represents a welcome and important framework within which Qatar and France can work to generate new business for their respective financial sectors. We have already licensed a number of French firms to operate from the QFC, but we see scope for more and this agreement will help us both to stimulate interest in what the QFC has to offer, and to identify the firms with the greatest interest in developing new business in Qatar and the region."

Mr Arnaud de Bresson, Managing Director, Paris Europlace, said: "The Paris financial center has been more resilient in the financial crisis that many other financial centers. This agreement underlines our common willingness between Paris and Qatar to work closely together, strengthen ties and develop cooperation in promising sectors offering opportunities in the short and long term such asset management, environmental finance, insurance, real estate and stock markets. The Paris marketplace welcomes the setting up of Islamic finance players and businesses in France".