www.theasset.com - The Qatar Financial Centre (QFC) Authority and Luxembourg for Finance are exploring how to further advance their partnership for financial services.
They recently completed a seminar which followed the signing of a memorandum of understanding (MOU) between QFC Authority and Luxembourg for Finance last year, to promote cooperation between the two countries in financial services. Among the topics discussed at the seminar were financial services opportunities in Qatar and the role of Luxembourg as an international hub for financial services in Europe. Luxembourg for Finance is the agency for the development of Luxembourg as a financial centre. (source)
The QFC Authority has refined a highly attractive and business friendly legal and regulatory environment, in which it is focussing 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.
Abdulrahman Al Shaibi, managing director and board member, QFC Authority, welcomed the delegates 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, QFC Authority, talked about the financial services opportunities in Qatar. Fernand Grulms, CEO, Luxembourg for Finance, described how Luxembourg developed into a European financial hub.
In addition, a panel discussion explored the opportunities for cooperation between the two countries. The moderator of the panel was Grulms, and the panelists included: François Pauly, CEO, Banque Internationale à Luxembourg; Jacques Peters, CEO, KBL European Private Bankers S.A.; Marc Saluzzi, chairman, Association of the Luxembourg Fund Industry; and Salah Al Jaidah, chairman – Islamic finance, vice-chairman MENA, chief country office-Qatar, Deutsche Bank AG – Qatar Branch.
Last year, Qatar and Luxembourg signed a number of cooperation agreements, including an MOU 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.
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