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Manaf Alhajeri said today, "This license is an important milestone in our strategic regional expansion and in particular in developing closer relationships with our clients. Our activities have proven successful over the years and opening in Qatar was definitely a priority in our agenda."
Markaz could play an active role in Qatar's financial services sector, through its wide spectrum of advisory services in the asset management and investment banking areas; in particular, Markaz has a strong expertise in real estate and energy sectors. Markaz is also reputed for structuring conventional and Islamic solutions that satisfy the investment and financing requirements of institutions.
"All our funds and portfolio are managed by a highly experienced and professional team of experts who closely monitor and analyze the latest in market trends and developments. Our aim is to provide our clients with innovative solutions that ensure high return on investments,"
Mr Alhajeri said.
Against a buoyant economic backdrop coupled with support from a committed government, QFC is poised to attract the highest quality financial services institutions and corporations to enhance the wealth of Qatar and the region.
Qatar is a fast growing economy and, the capital market is becoming more sophisticated; substantial opportunities are there to be seized by forward-looking companies and individuals. In particular, the opportunities for Qatari capital market are now compelling for investors willing to take part in the economic prospects for Qatar in the coming years. In view of measures initiated by the Government to increase its spending in the country's key economic sectors like infrastructure, energy and downstream petrochemical industries, there exists enough opportunities for private sector to participate in the country's economic growth during the next few years. Some of the prominent and actively traded companies on Doha Stock Market (DSM) will be able to leverage on these opportunities and deliver healthy earnings in the next few years. The growing institutional nature of DSM will be the key driver in bringing stability, liquidity and better depth to Qatari equities over the coming years.
So far, only nine entities, including Markaz, have been licensed by QFC; Markaz being the first Kuwaiti company to be licensed. "We are very satisfied to benefit from QFC's international standards of regulation and first class legal and business infrastructure" Mr Alhajeri said "Qatari regulatory authorities and QFC's management were all very supportive and positive during the past months; this helped us meet QFC's stringent licensing conditions in a satisfactory and timely manner."
Stuart Pearce, Chief Executive Officer and Director General of the Qatar Financial Centre Authority, said,
"We are delighted to welcome the Kuwait Finance Centre to the QFC. We are seeing a rapidly rising momentum of applications for licenses, and companies like Markaz have been quick to see the opportunities that exist in Qatar for them and how the QFC can help. The QFC was established a year ago as an integral part of Qatar's investment strategy, and with our world class regulatory environment and our role in the local economy we are in a unique position to guide and assist licensed companies to grow their business in Qatar and further afield."
Opening in Qatar is important as it will enable Markaz to be closer to its clients and offer them customized investment products and services. Markaz is known in the Gulf as a client-centric organization that stands by its clients wherever they are.
Markaz was established in 1974, and has become one of the leading asset management and investment banking institutions in the Arabian Gulf Region with USD 4.7 billion of Assets under Management as at the end of December 2005. Markaz was listed on the Kuwait Stock Exchange (KSE) in 1997, and was awarded a BBB+ corporate rating by Capital Intelligence Ltd in 2005.
Posted by Anne-Birte Stensgaard, Senior News Editor
