(MENAFN- The Peninsula)
The Peninsula
Doha: Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has signed a Memorandum of Understanding (MoU) with Qatar Central Securities Depository (QCSD), the first and only depository that is licensed by the Qatar Financial Markets Authority (QFMA), to provide depository and associated services, in Qatar.
Focusing on the significant role of depositories in supporting the growth of Qatar's financial markets, the MoU sets forth the framework of cooperation between the QFC and QCSD, which aims to stimulate, attract and bolster local and foreign investments. The two parties will be joining efforts to foster the culture of investing in securities by educating, directing, encouraging and motivating local and foreign investors to invest in securities and strengthen their confidence in the Qatari economy.
In addition to bolstering the growth of Qatar's financial markets and promoting the investments opportunities in securities, the MoU serves the overarching goal of achieving a diversified and competitive economy, in line with the Qatar National Vision 2030 (QNV 2030).
The MoU was signed by Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority and Misnad bin Abdullatif Al Misnad, Chief Executive Officer, QCSD.
Commenting on the MoU signing, Yousuf Mohamed Al Jaida, said, 'We are pleased to partner with key organisations in Qatar, such as the QCSD, and to collaboratively create more business avenues for local and foreign investors in the Qatari market. In addition, the MOU supports Qatar's position as a thriving business hub in the region, as it provides investors with a new gateway to tap into the lucrative opportunities of our financial markets, familiarises them with the depository terms and supports them in identifying ways to invest in securities.
Al Jaida added, 'Complementing the QFC's dynamic and leading contribution supporting Qatar's economic development and diversification, the MoU will further add a significant value to our 900+ companies, currently registered on the QFC platform, by supporting their business growth and expansion through the Qatari financial markets.
Commenting on the MOU signing, Misnad bin Abdullatif Al Misnad, said, 'The signing of MoU is a positive step forward in the QCSD's commitment to strengthen Qatari capital and financial market and is important tool of financial inclusion. It is also a significant step in supporting local SME segment, in line with the Qatar National Vision of 2030 (QNV 2030) of economic development.
Al Misnad highlighted, 'This MoU is in line with our strategy to build a long-term relationship. QCSD is extremely pleased to partner with an esteemed Qatari organisation like the Qatar Financial Centre and we look forward to strengthening our mutual ties and working closely with them, in the future. With our experience in managing assets and shareholders, we will be able to assist and grow this section of the market. We believe that this partnership with Qatar Financial Centre will attract new set of investors to our financial markets.
The QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as up to 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double taxation treaty network with over 80 countries, a legal environment based on English common law and the right to trade in any currency.
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