Qatar Financial Centre Authority Board holds first meeting

Notes and media contacts

Media Contact: Steve Martin,
Head of Corporate Communications and Marketing
Tel +974 494 5466

Elaine Boucher, Bell Pottinger Communications, Dubai
Tel +971 4 3672228

Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.

QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorisations.

QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.

QFC Authority Board

a.HE Yousef Hussain Kamal
HE Yousef Kamal has been Minister of Finance of the State of Qatar since January 2002. He became Acting Minister of Economy and Commerce, and Chairman of the Qatar Financial Centre Authority, in March 2006. He was Minister of Finance, Economy and Commerce from January 1998 until the Ministry of Economy and Commerce was established in 2002. He is Chairman of the Doha Securities Market, Chairman of Ras Laffan Liquefied Natural Gas, Deputy Chairman of Qatar Petroleum, a Director of Qatar Telecommunications, and a Director of Qatar Central Bank. He heads several local, regional and Arab committees. He was Under-Secretary at the Ministry of Finance, Economy and Commerce from 1993-98, and Director of Financial Affairs in the Ministry of Finance and Petroleum from 1988-93.

b.Stuart Pearce
Stuart Pearce has been Chief Executive Officer and Director General of the Qatar Financial Centre Authority since August 2005. Previously he had a long and successful career in international banking and financial services with HSBC in the Middle East, North America, Asia and Europe. In 1992 he was appointed CEO of HSBC Private Banking Europe and Middle East, and in 1997 he was appointed Chief Executive and Country Manager of HSBC Japan. In 2001 Stuart Pearce was appointed HSBC's Head of Corporate Banking in the UK, and in 2002 he took up the new appointment of CEO of HSBC Investment Management, which he held until his retirement from HSBC in May 2005.

c. Dr. Hussein Ali Al-Abdullah
Dr. Al-Abdullah is an Executive Board Member of the Qatar Investment Authority, where he oversees the management and evaluation of the Government of Qatar's Investment Fund in the international and local markets. He is also a Director of the Board of Qatar Airways and of Gulf Investment Corporation of Kuwait. From 1990 - 2001 he was Director of the Government of Qatar Investment Office in the Ministry of Finance, during which time he was also Vice Chairman, Qatar International Islamic Bank, Vice Chairman and Managing Director, Doha Securities Market, Project Finance Team Leader, Qatar Petroleum, a Board Member of Qatar Islamic Insurance Co. and of QAFCO. From 1989-90 he was Assistant Secretary General for Planning at Supreme Council for Planning, and prior to that Head of Economic Department at HH The Emir's Office. From 1982 - 1984 he was an Economic Researcher at HH The Emir's Office.

d. Abdulrahman Ahmad Al-Shaibi
Mr. Al-Shaibi is Head of Qatar Petroleum's Project Finance Group. In this capacity he is responsible inter alia for developing and implementing the financing strategy of Qatar Petroleum and its affiliates covering upstream and downstream projects. He is a member of various Executive Committees, responsible for the ambitious expansion plans of Qatar Petroleum in the LNG sector, petrochemicals and non energy sector projects such as aluminum and steel. He is also part of a select team responsible for developing a suitable business model for Qatar Petroleum International, the international arm of QP. Qatar Petroleum International is expected to lead the development efforts for various international energy projects and transform QP from only a local player to a global energy player in the years to come. Mr Al-Shaibi is also a Board member of various other companies including Qatargas, its sister companies and QASCO

e. Ian Cormack
Ian Cormack is a Non-Executive Director of Pearl Assurance Group. He was previously European Chief Executive of AIG Inc, and a founding partner of Cormack Tansy Partners, which provides strategic consulting advice to Boards of financial institutions. Prior to those roles he had a thirty year career at Citigroup/Citibank, leading to Global Industry Head for the Investment Industry. During his long career in the banking, insurance and investment industry, Mr Cormack has developed a substantial network of colleagues and clients who have run the world's top financial international institutions. He is a director of a number of public and private companies.

f. Dr. Chris Gibson-Smith
Dr. Chris Gibson-Smith is currently Chairman of the London Stock Exchange and Senior Director of the British Land Company. He spent thirty one years (including ten in the US) with British Petroleum in a variety of different roles culminating in Group Managing Director for four years. He has also been Chairman of the UK's National Air Traffic Services (four years), a board member of Lloyds TSB Group (six years), and PowerGen (two years). As a result of his oil industry experience he has excellent exposure to a number of global markets in the Middle East, China and Asia. He brings extensive managerial experience, a long career in the energy industry, and broad international contacts.

g. Dr. Guocang Huan
Dr. Guocang Huan is currently Chief Executive Officer of Primus Pacific Partners, a private equity firm founded with two other partners. He has held senior investment banking positions at J. P. Morgan & Co., BZW Asia, Citigroup, and HSBC. His last position at HSBC was Head of Investment Banking, Asia-Pacific. Dr. Huan has been involved in many landmark transactions during his 20 year career in investment banking. He has established substantial and broad connections with various governmental and business leaders in the Asia-Pacific region. He is a published author in Foreign Affairs, Foreign Policy, and many other policy and academic publications.

h. Nemir Kirdar
Nemir Kirdar is President and Chief Executive Officer of Investcorp, the global investment group he founded in 1982 and which operates out of New York, London and Bahrain. Investcorp specialises in international alternative investments with a focus on private equity, asset management, real estate investment and technology venture capital. Mr. Kirdar began his banking career in New York in 1969 and from 1976 to 1981, as Vice President, he directed Chase Manhattan Bank's network in the Arabian Gulf countries. Currently, he serves on boards and advisory bodies at Georgetown, Harvard, Columbia and Cambridge Universities as well as the Brookings Institution, the Eisenhower Fellowship, the Center for Strategic and International Studies and the UN Pension Fund Investments Committee. He is a founding member of the International Business Council of the World Economic Forum and has been awarded honorary doctorate degrees from Georgetown University and Richmond University and the University of the Pacific.