Qatar Financial Centre
|This article relies on references to primary sources. (August 2009)|
The Qatar Financial Centre Authority (QFC Authority) is a business and financial centre located in Doha, providing legal and business infrastructure for financial services. It was established in March 2005.
The Qatar Financial Centre provides financial institutions with a world class financial services platform situated in an economy founded on the development of its hydrocarbons resources. It has been created with a long-term perspective to support the development of Qatar and the wider region, develop local and regional markets, and strengthen the links between the energy based economies and global financial markets.
The QFC Authority is the commercial and strategic arm of the Qatar Financial Centre (“QFC”). The QFC also consists of an independent financial regulator, the QFC Regulatory Authority, and an independent judiciary comprising a Civil and Commercial Court and a Regulatory Tribunal. The QFC Authority is responsible for leading the expansion of Qatar’s financial services sector and for developing relationships with the regional and global financial community. In February 2010 the QFC Authority unveiled a new strategy focusing on the creation of a global business hub for three core markets - Asset Management, Reinsurance and Captive Insurance.
Apart from Qatar itself, which needs to raise the capacity of its financial services to support more than $140 billion worth of projects, the QFC also provides a conduit for financial services providers to access nearly $1 trillion of investment across the GCC as a whole over the next decade.