The QFC Authority has refined a highly attractive and business friendly legal and regulatory environment, in which it is focusing on the three hubs of reinsurance, asset management and captive insurance. The strategy has resulted in growing recognition of Qatar as a financial centre. In 2011 Qatar won the award of Best Financial Centre in the Middle East from Global Investor magazine and was ranked highest in the Middle East by consultants Z/Yen Group.
Participants were welcomed by Mr. Abdulrahman Al Shaibi, Managing Director and Board Member, Qatar Financial Centre Authority and H.E.Luc Frieden, Minister of Finance, Grand Duchy of Luxembourg gave the keynote address. Shashank Srivastava, Acting CEO and Chief Strategic Development Officer, Qatar Financial Centre Authority, spoke about the financial services opportunities in Qatar. Mr FernandGrulms, CEO, Luxembourg for Finance, described how Luxembourg developed into a European financialhub.
In addition, a panel discussion explored the opportunities for cooperation between the two countries. The moderator of the panel was Mr Grulms, and the panelists included: Mr Fran?ois Pauly, CEO, Banque Internationale ? Luxembourg; Mr Jacques Peters, CEO, KBL European Private Bankers S.A.; Mr Marc Saluzzi, Chairman, Association of the Luxembourg Fund Industry; and Mr Salah Al Jaidah, Chairman - Islamic Finance, Vice Chairman MENA, Chief Country Office-Qatar, Deutsche Bank AG - Qatar Branch.
The QFC Authority, the commercial arm of the Qatar Financial Centre, jointly hosted the seminar with Luxembourg for Finance. The Luxembourg for Finance delegation consisted of more than 60 representatives of Luxembourg's financial and professional services sector.
H.E. Luc Frieden said, "Luxembourg is a modern, diversified financial centre that has a reputation for stability and for its openness to international markets. We look forward to developing the relationship between our two financial centres in the future."
Mr. Abdulrahman Al Shaibi, Managing Director and Board Member, Qatar Financial Centre Authority said: "Qatar and Luxembourg have already established close relations in the financial sector. I am sure this seminar will strengthen those relations further and open up fresh avenues for cooperation."
Last year Qatar and Luxembourg signed a number of cooperation agreements, including a Memorandum of Understanding on economic, trade and technical cooperation and an agreement on financial cooperation between the two countries. Since then,the Qatari investment fund Precision Capital agreed to buy Luxembourg-based KBL European Private Bankers, the private banking division of Belgium's KBC Group and has also been involved in the purchase of a significant stake in the private banking arm of Dexia Bank.
Source: http://www.ameinfo.com/288375.html
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