Qatar Financial Centre presentation to Qatari Government officials, business leaders and diplomatic community

During the event, the Minister of Economy and Commerce gave a presentation on the progress made to date in the development of the Qatar Financial Centre ("QFC"), and explained how it was a key strategic component in Qatar's economic development programme.

The Minister emphasized the important role that Qatar's business leaders should play as ambassadors for the development of the QFC. The Minister explained that the purpose of the presentation was to inform the commercial attaches about the QFC's progress so that they could effectively brief organizations in their own countries about the opportunities presented by the QFC.

In his presentation, the Minister explained that the QFC was part of the drive to attract and encourage foreign investment. Research undertaken world-wide by the Ministry and Deloitte Consulting had shown that the QFC represented an excellent opportunity for organizations involved in project finance, insurance and captive insurance companies, banking and Islamic finance and high net-worth individual and private wealth management services.

Mr. Phillip Thorpe, Chairman and Chief Executive of the Qatar Financial Centre Regulatory Authority ("QFCRA") also made a presentation to the guests, emphasising that the regulatory environment in the QFC was designed to underpin confidence in the Centre.

Mr. Thorpe noted that while investors and financial institutions will always be attracted to markets that offer opportunities and rewards, those investors and institutions will only remain and continue to invest if they have confidence in the marketplace. That confidence can only be generated when there is stability, certainty, and high standards of regulation.

Mr. Thorpe also emphasised that the legal environment being created for the QFC would be reliable, modern, familiar, and enforceable. The QFC Laws were based on the best precedents available and include provision for arbitration and the resolution of civil disputes.

The Regulatory Authority, according to Mr. Thorpe, would operate a principles based regime and would be risk-focused, setting and monitoring compliance with its requirements according to internationally accepted standards.

Concluding his remarks, Mr. Thorpe said that Regulatory Authority's role was to support the QFC's goal of creating an environment where investors and institutions coming to Qatar could do business with total confidence.