Stuart Pearce to be Chief Executive Officer of Qatar Financial Centre

As Chief Executive Officer of the QFC Authority Mr Pearce will be responsible for driving the commercial strategy of the Centre and for developing relationships with the International Corporate community and other key institutions both within and outside Qatar.

A British career banker with HSBC, Mr Pearce, aged 53, brings a wealth of experience in International banking and financial services. He is currently Chief Executive Officer of HSBC Investments, London, and was previously head of HSBC Corporate Banking, London, prior to which he held a number of international posts. These included Chief Executive Officer and Country Manager of HSBC Japan, Chief Executive Officer HSBC Private Banking Europe and Middle East (Geneva/London), and group representative HSBC Scandinavia (Stockholm).

Qatar has moved quickly to establish the QFC. On February 16th this year, new legislation was ratified, enabling the QFC to have an internationally recognisable, best-in-class business and legal infrastructure run by the QFC Authority and a fully independent Regulatory Authority, respectively. Each will operate outside the host laws of Qatar. On March 15, Mr Phillip Thorpe was appointed Chairman and Chief Executive Officer of the Regulatory Authority. Both Mr Thorpe and Mr Pearce will report directly to the Council of Ministers.

Commenting on Mr Pearce's appointment, the minister said;

"I am delighted to welcome Stuart Pearce as a key member of the QFC team. His considerable achievements in international banking and financial services, coupled with his experiences of working in the GCC region, make him an outstanding choice as Chief Executive Officer of the QFC Authority. We firmly believe that the commercial structure of the QFC Authority, designed to offer an environment where international, best-in-class practices prevail, will encourage international financial institutions and multi-national corporates to participate in the Centre."

Stuart Pearce said;

"I have been impressed by the commitment, determination and progressive thinking shown by the Qatar Council of Ministers in devising and implementing the QFC model for a regional financial centre. Given the vibrancy of the Qatar economy and bold diversification strategy, it makes the QFC a compelling proposition for global financial service firms and multi-national corporates looking to generate new revenue streams. I look forward to the opportunity to help make the QFC a success."