Posted on March 16, 2019

The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, concluded the financial services edition of its regular Fast, Forward events. Fast, Forward offers a series of quarterly business networking events that bring together the QFC’s valued clients with other members of Qatar’s thriving business and financial communities to network and share best practices.

The event focused on the importance of the financial services sector, with discussions revolving around the current economic state of Qatar and the role of financial services such as Fintech and Asset Management, as well as Renminbi Internationalisation.

Key participants included Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority and Raed Al-Emadi, Chief Commercial Officer, QFC Authority, and included panel discussions and presentations by Sheikh Hamad Al-Thani, Senior Vice President, Treasury and Investment, Qatar Insurance Company; Wim de Waele, CEO, B-Hive Europe; Song Weiwei, Deputy GM of Corporate Finance Department, Bank of China Qatar; Akbar Khan, Alrayan Investment; Fahad Syed Haque, Private Equity Funds Investment Department, Qatar Investment Authority; Manuel Leanza, Head of Investment, Advisory and Wealth - MENA, Refinitiv; Henk Hoogendoorn, Managing Director, Financial Sector Office, QFC Authority; and Giovanni Bandi, Head, Investment Management Supervision, QFC Regulatory Authority.

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Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority said: “The financial services sector has unprecedented potential and has already witnessed significant growth. The importance and significance of this sector for both the QFC and Qatar cannot be underestimated – this is clearly reflected in our new strategy which includes a special focus on financial services that encompass FinTech, Islamic Finance, Capital Markets and Asset Management.” Al-Jaida added: “The QFC’s unique ecosystem therefore offers the ideal platform for both local and international firms to thrive in these areas, and make a valuable contribution to their businesses and the growth of the national economy. The QFC is home to over 90 local and global financial services firms which is of course a client base that we are incredibly proud of.”

Raed Al-Emadi, Chief Commercial Officer, QFC Authority said: “This special edition of our Fast Forward series of events offered firms registered on the QFC with another valuable opportunity to hear from leading experts on topics at the forefront of the financial services sector. The discussions focused on a range of relevant topics such as Fintech, Asset Management and Renminbi Internationalisation – topics which undoubtedly play an important role in further enhancing this critical sector. The Fast, Forward event series is a perfect example of the steadfast commitment of the QFC to be in business together with our clients.”

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Henk Hoogendoorn, Managing Director, Financial Sector Office, QFC Authority said: “The Financial Sector Office at the QFC was established to contribute to the growth of the QFC’s financial sector for businesses in Qatar and corridor markets. Financial institutions at the QFC have been major contributors to the development of this sector on a national level, and we are proud to say that we have 54 financial institutions with 843 employees currently registered at the QFC. We believe that this sector provides ample opportunity for growth, particularly within our areas of focus which include Asset Management, Islamic Finance, Fintech, and Capital Markets. Today’s Asset Management panel for instance played an important role in highlighting the good regulatory and tax environment that exists for this sector, its growth potential, and the need for all key stakeholders to continue to work together to contribute to its sustainable growth.”

The QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 70+ countries.