The Qatar Financial Centre (QFC) Authority has announced plans to develop hubs in asset management, re-insurance and captive insurance in line with its new strategy for 2010. The new strategies mark the next phase of the QFC development.

The Authority is the commercial, administrative and legislative body of the QFC which is responsible for driving its commercial strategy, developing commercial laws and forging ties with corporate community and other institutions both within and outside of Qatar.

Since its inception in 2005, the QFC has achieved a great deal to help build the financial services sector in Qatar.

It has helped establish a legal environment for international firms, attracted international and local firms to Qatar and the QFC, and has positioned Qatar as a potential and viable venue for regional financial activities.

Yousef Kamal, Minister of Economy and Finance and chairman of the Board of the QFC Authority, said: “The change in our focus marks a new strategic phase for the QFC Authority, and will ensure that we continue to build on our success and create a sustainable financial services sector both for and in Qatar.'

'The steps we are taking today reflect our strongly held belief that by focusing on Asset Management, Re-insurance and Captive Insurance we will achieve the pre-eminent position in the region,” he remarked.

Abdulrahman Ahmed Al Shaibi, delegate member of the QFC Authority, said: “The QFC Authority will continue to work closely with financial and business organizations and government departments in Qatar to encourage and ensure the building of a financial services sector and workforce in Qatar.”

The QFC Authority also confirmed that it has undertaken an internal re-alignment to better deliver on its strategic focus.

This has streamlined the internal structure into four core functions - Strategic Development, Legal Environment, Finance and Tax and QFC Administration, he added.-TradeArabia News Service