QFC SIGNS MOU WITH EDB MAURITIUS TO FOSTER COLLABORATION AND DEVELOPMENT IN THE FINANCIAL SECTOR

(MENAFN- qf) 12 May 2024, Doha – Qatar: Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, and the Economic Development Board (EDB) Mauritius, the national investment promotion agency of the Government of Mauritius, signed a Memorandum of Understanding (MoU) aimed at promoting collaboration in areas of mutual interest. The agreement outlined several key objectives, including financial sector cooperation, promotion of QFC and EDB Mauritius, and skills enhancement.
Under the MoU, QFCA and EDB Mauritius will foster the creation of a community between the fintech ecosystems of Qatar and Mauritius, providing support for fintech initiatives within banks and other regulated financial institutions in both countries. Additionally, they will assist in fast-tracking fintech development, provide institutional support for entities setting up in each other's jurisdictions, and share best practices to advance Islamic finance.
Both entities also aim to collaborate on promoting each other’s platform by organising round table events, conferences, seminars, and other promotional activities. Furthermore, they will facilitate the participation of business communities from both regions in relevant official events.
Finally, the two parties intend to cooperate on facilitating skills- and capacity-building initiatives, involving technical assistance, knowledge transfer, and policy development in areas crucial for capacity enhancement. Specifically, they will share best practices between QFC and local Mauritian institutions, implement staff secondment programmes to exchange expertise, develop training programmes for financial institutions, and exchange information on investment and trade policies.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, expressed his enthusiasm about the partnership, stating, “This MoU marks a significant step towards fostering closer ties between Mauritius and Qatar in the realm of financial services. Through this collaboration, we aim to capitalise on our respective strengths and expertise to drive innovation, promote sustainable development, and create new avenues for economic growth. By working together, we can enhance the competitiveness of both our jurisdictions and create a conducive environment for businesses and investors in Qatar and Mauritius.”
Hemraj Ramnial CSK, Chairman, EDB Mauritius, shared his perspective on the MoU, saying, “The signing of this MoU signifies not just the formalisation of a partnership but the beginning of a journey towards deeper collaboration and synergy between our two esteemed organisations. It represents a commitment to leveraging our respective strengths and resources to foster economic growth, innovation, and prosperity for both our nations and beyond.”
This Memorandum of Understanding underscores the QFC's steadfast commitment to driving economic progress and diversification and its vision to transform Doha into a leading global financial and commercial capital while cultivating stronger ties between Qatar and Mauritius.

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