Qatar positions its financial industry in the Gulf region
The Gulf state of Qatar has announced a strategic review of its financial services industry, with the intention to concentrate from this year on asset management, re-insurance and captive insurance.
The Qatar Financial Centre (QFC) Authority said the decision will ensure the industry retains a sustainable and "pre-eminent" position in the region. It has also undertaken internal reorganisation, streamlining its internal structure into four core functions, namely Strategic Development, Legal Environment, Finance and Tax and QFC Administration.
Created in 2005, the QFC Authority is the commercial, administrative and legislative body of the QFC which is responsible for driving its commercial strategy, developing its commercial laws and forging relationships with the global corporate community and other key institutions both within and outside of Qatar.
The QFC is a financial and business centre established by the Government of Qatar and located in Doha. It consists of the QFC Authority and the QFC Regulatory Authority, as well as an independent judiciary. It aims 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.
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