Qatar's Financial Sector Continues To Grow Despite Challenges Facing International Capital Markets

Doha: The Qatari financial sector has been able to continue to grow and develop despite the challenges facing the international capital markets, mainly related to the fluctuations and rapid developments of the global economy, over the past year.

Due to the diligent and continuous efforts of the Qatar Financial Markets Authority (QFMA) Board of Directors, and its unlimited ambitions to achieve more accomplishments, QFMA has succeeded in moving the Qatari financial sector to new levels of development, excellence and innovation.

This has contributed to placing the financial sector in the ranks of similar capital markets in the most developed countries worldwide, Qatar Central Bank (QCB) Governor and Chairman of QFMA Board H E Sheikh Bandar bin Mohammed bin Saoud Al-Thani has said in a message in the 2024 Annual Report issued by QFMA, recently.

The QFMA's Third Strategic Plan is based on Qatar National Vision (QNV) 2030 and the Third Qatar National Development Strategy (QNDS), with strategic domains: Fiscal Stability and Sustainability Financial System Stability and Economic Resilience, in addition to the Third Qatar Financial Sector Strategy (FSS), with strategic dimensions: Governance and Regulatory Oversight, Islamic Finance, Digital Innovation and Advanced Technology, Institutional Governance for Environmental and Social and Sustainability (ESG) and Talents and Competencies.

QCB Governor and Chairman of QFMA Board said, by adopting the Third Qatar Financial Sector Strategy (FSS), QFMA is working to achieve the desired aspirations in the Qatari capital market sector, as the future vision related to the capital market within the plan aims to achieve an enhanced regulatory framework aligned with leading international standards.

This includes robust regulation on investor protection, market transparency, and corporate governance, and the achievement of a state-of-the-art capital markets infrastructure, including electronic trading platforms and cloud computing facilities, ensuring data accessibility, and moving the market from emerging to developed market status.

QFMA was keen to ensure that its efforts during the past period were directly reflected in enhancing the performance of the Qatari capital market, and stimulating its attractiveness to local and foreign investments.

In addition to the periodic and diligent follow-up of developments in implementing the initiatives of its Third Strategic Plan 2023-2027 which includes almost 63 projects aimed at achieving six strategic objectives.

The past period also witnessed the QFMA's issuance of a set of legislations similar to other financial markets, such as Dividend Distribution Rules that aim to unify the entities with which investors deal to obtain their annual dividends in one entity.

This contributes to facilitate and ease the procedures for investors to obtain their dividends and encourages them to reinvest such dividends in the market, he added.

While QFMA emphasises moving forward at an accelerated pace towards achieving accomplishments and gains that contribute to enhancing the performance of the financial sector and the national economy, it will continue to work at the same time to achieve the aspirations of the Qatari capital market and will spare no effort in this regard to advance its role and responsibilities to the highest levels of regulatory, supervisory and organizational efficiency.

QCB Governor and Chairman of QFMA Board further noted that although QFMA is in the process of development and update in terms of legislative rules, infrastructure, and technological transformation, it will work, in this new phase of its journey, to enhance cooperation, coordination and exchange of information with all state agencies and parties concerned with the Qatari financial markets.

And also seek their opinions on all legislation it issues, as well as study and adopt any proposals aimed at achieving further development, contributing to facilitating procedures, or eliminating any obstacles.

He added, QFMA's Board of Directors confirms that it will work diligently over the coming period to achieve new gains and additional qualitative developments for the Qatari capital market, positioning it as a leading regional market and among the best global financial markets with the greatest capacity to attract investments.

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