Dubai: With the ideal business environment and right regulatory frameworks already in place, Qatar will become the region's focal point for all forms of asset management, reinsurance and captive insurance activities in the next few years, a top official said.
"I would hope that in five or six years, Qatar will be the leading jurisdiction of choice for international firms who want to do business in the region within those business sectors," said Akshay Randeva, director of strategic development of the Qatar Financial Centre Authority, the commercial arm of the QFC.
Like other countries in the Gulf such as Saudi Arabia, Bahrain and the UAE, Qatar aims to position itself as a world-class financial centre. To set itself apart from the competition, the government decided to focus on core markets of asset management, reinsurance and captive insurance.
Increased interest
Randeva said they have been receiving increased interest from financial companies looking to do business in the region. "We've seen a significant amount of interest from institutions around the region, whether they be Dubai, Bahrain or other places." The recent Global Financial Centres Index (GFCI) showed that Qatar has become the leading financial centre in the Middle East.
The GFCI, published by Z/Yen Group in the UK and sponsored by the QFC Authority, said Qatar has maintained its position as the world's 30th leading financial hub.
Environment
The QFC provides both Qatari and international companies the opportunity to access local and regional investment opportunities. Licensed firms can carry out their business inside or outside Qatar, in local or foreign currency. The QFC also allows 100 per cent ownership by foreign companies, and all profits can be remitted outside the country.
"So, if you put it all together, I think a lot of pieces are falling in place to create an environment that will attract businesses to Qatar and to actually be able to fulfil the potential of this area," Randeva added.
