Qatar appoints Lord Woolf as Senior Judge for its new Financial Centre

The appointment of this leading judicial figure - along with the appointment of two other highly respected legal figures to the Centre's Appeals Body - demonstrates the determination of one of the world's most rapidly developing energy states to offer a financial services environment constructed on the same trustworthy, transparent and free market lines as the City of London and Wall Street.

The appointment of Lord Woolf as President of the QFC Tribunal by Qatar's Council of Ministers, further reinforces Qatar's international credibility, following the appointment in 2005 of Phillip Thorpe, former Managing Director of the FSA, as Chairman and CEO of the new Qatar Financial Centre Regulatory Authority (QFCRA) and the appointments last month of four highly experienced international financial regulators to the QFCRA Board..

Lord Harry Kenneth Woolf of Barnes joined Blackstone Chambers in October 2005 to practise as a mediator and arbitrator. He was appointed to the High Court bench in 1979 and became Lord of Appeal in Ordinary in 1992. He held the positions of Master of the Rolls and Lord Chief Justice of England and Wales before retiring in September 2005.

Qatar is now also announcing two other senior legal appointments:-

• William Blair QC, as Chairman of the Appeals Body.
William Blair is a leading QC in the field of banking and finance. He is a visiting Professor of Law at the London School of Economics, and a part-time Chairman of the Financial Services and Markets Tribunal set up to consider regulatory appeals under the UK's regulatory reforms. He chaired the Commercial Bar Association between 2003 and 2005, and now chairs the International Monetary Law Committee of the International Law Association including members from leading global institutions committed to monetary and financial stability.

• Michael Thomas, QC, as a Member and Alternate Chairman of the Appeals Body.
Michael Thomas is a former Attorney General of Hong Kong. He specializes in commercial and maritime law. He has appeared before tribunals in England, Singapore, Hong Kong, New York and Lisbon and has sat as Chairman of Boards of Investigation and has acted as arbitrator or umpire in more than a hundred arbitrations.

The QFC Tribunal will, in effect, be the commercial court for the QFC and provide the forum for the adjudication of cases involving the laws of the QFC - for example, where there is a dispute between a QFC authorised bank or insurer, and one of their clients.

The Appeals Body will hear appeals against decisions of the QFCRA - for example, against a refusal to grant an operating licence to a financial institution or the imposition of disciplinary sanctions for a breach of the QFCRA's rules.

The Tribunal and Appeals Body members will also play a lead role in developing the laws and procedures for their respective bodies and more generally in respect of legislation effecting the enforcement of judgments, comparative law issues, and arbitration and dispute resolution.

Commenting on the appointments Phillip Thorpe said:

"I am delighted that individuals of such stature and experience have chosen to participate in the building of the QFC. It is a vote of confidence in Qatar and in its new financial centre - and clear evidence that the Government of Qatar is committed to having the highest quality, independent legal and regulatory bodies to support the growth of financial services in the country and the region."

Over the last decade, Qatar has invested heavily in technology and infrastructure to now emerge as the world's foremost producer of liquid natural gas and - in an energy hungry world - this has propelled the small Gulf state to the top of the international rankings for per capita income and GDP growth.

Now Qatar aims to reinvest its gas and oil wealth - this includes $130 billion which is being channeled into projects in the energy sector, into industrial development, education, healthcare and general infrastructure. This constitutes a programme of diversification and growth which will offer a wide range of opportunities to, amongst others, the world's major investment banks, commercial banks, asset managers and insurers. The development of the Qatar Financial Centre is both part of the country's diversification programme and a facility to encourage the establishment in Qatar of financial institutions which can aid diversification in other areas.

However, the Government of Qatar recognises that, in a region not previously renowned for investment transparency, the international credibility of any financial centre will ultimately and inevitably hinge on the independence and authority of the judges who hear and determine cases and interpret the laws.

The same holds true in respect of the financial regulator. If the Centre is to enjoy the confidence of those who operate in it, the regulator too must have the experience, credibility, powers and independence needed to discharge its functions effectively.

The QFCRA has already issues nine operating licences to banks and financial institutions and has a substantial number of applications in process. A wide range of institutions are now in preliminary discussions with the QFC, which is rapidly emerging as a centre for investment banking, commercial and private banking, asset management, insurance, Islamic banking and insurance institutions, legal and accountancy firms and supporting professions.