Philip Thorpe to head Qatar Financial Centre Regulatory Authority

Born in New Zealand and a lawyer by training, Mr Thorpe (50) brings a wealth of experience as a financial regulator and is highly regarded in the international financial community, having worked previously in senior posts in London, Hong Kong, Washington and Dubai.

The appointment comes swiftly after the establishment of the Qatar Financial Centre that came into being under new internationally recognisable laws approved by the Qatar Council of Ministers on February 16, 2005. These sovereign laws of the State of Qatar provide for a legal framework in which the QFCRA is fully independent. As Chairman and Chief Executive Officer, Mr Thorpe and his team will grant licences to operate and oversee financial services business conducted in the centre. Mr Thorpe will report directly to the Council of Ministers. Applications for licences to operate in the QFC will be available as from May 2005.

The centre will also include the Qatar Financial Centre Authority (QFCA) who will run the centre and drive the commercial strategy, also reporting directly to the Council of Ministers. The appointment of a Chief Executive Officer to head the QFCA is expected shortly.

Both the QFCRA and the QFCA have been established to meet international best practice, based on consultation with the international financial community.

Commenting today on the appointment of Mr Thorpe, H.E. Mohamed A. Althani said:

"I am delighted to welcome Mr Thorpe as a key member of the new QFC team. Mr Thorpe's extensive regulatory expertise and his strong international reputation will benefit the QFC and underpins our determination to offer an environment where international best practices prevail. We firmly believe that the QFC regulatory structure, coupled with minimal cost, minimal risk, and minimal bureaucracy will encourage financial institutions and multi national corporations to set up in the QFC. We aim to create progressive partnerships whereby we enable firms to operate profitably in our vibrant economy and this, in turn, will benefit Qatar."

Phillip Thorpe said:

"I firmly believe in the importance of strong, reliable, internationally recognised centres for financial services as a critical adjunct for growth and development in the region. The commitment, determination and progressive thinking shown by the Qatar Council of Ministers is second to none, and I am sure that their clear commitment to high standards of transparency and integrity will create confidence in the QFC model, and make it an attractive proposition for global financial service firms, multi national corporations and related business service firms. I look forward to playing an integral part in helping to shape the QFC's success.