Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, signed a Memorandum of Understanding (MoU) with Rwanda Finance Limited (RFL) to facilitate initiatives that will promote the international development of both QFC and Kigali International Financial Centre.
The MoU was signed last week by Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, and Nick Barigye, Chief Executive Officer, RFL. Under the agreement, both parties intend to encourage their respective regulatory authorities to enter mutual recognition agreements to open new business opportunities in both markets.
The agreement will also help promote capacity building and skills development through training programmes, knowledge transfer, and fostering a culture of continuous improvement within the financial landscape. It will also facilitate the creation of a community between the fintech ecosystems of Qatar and Rwanda and initiate sharing of best practices for the development of Islamic Finance in both markets.
This MoU demonstrates our commitment to support national development, in line with the Qatar National Vision 2030.
Dr. Pablo Martin de Holan
Dean of HEC Paris in Qatar
This MoU demonstrates QFCA’s commitment to investing in the development local talent, recognizing that human capital is one of the most important assets of Qatar.
Acting Deputy CEO, Chief Legal Officer, and Board Secretary of QFCA
In his virtual address to the QCF community, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority, said: “Even though we are holding an unusual virtual celebration this year, I believe honouring Qatar and its people today is more worthy than ever. The Qatar National Day 2020 comes amidst the COVID-19 pandemic, which has changed how we interact with one another and ushered in a new normal era to everyday life.”
Al-Jaida added: “However, and against all the odds, we are celebrating another year of our nation’s excellence, strength and economic resilience, which is evidenced in the wise vision and management of Qatar’s leadership, and symbolises an unparalleled model for others to follow. Proudly, Qatar is leading the economic recovery in the region with a promising outlook for 2021, reflected in the positive projections by world renowned organisations such as the International Monetary Fund and the World Bank.”
Michael Ryan, Chief Executive Officer, Qatar Financial Centre Regulatory Authority (QFCRA) said: “This year, Qatar has a lot to celebrate with the country’s collective efforts to curb the spread of the virus, and continued productivity and proactivity in every sector despite the challenges. On National Day, we celebrate Qatar’s history and legacy, but also its achievements and resilience in 2020. To that end, on behalf of the Regulatory Authority, we’d like to thank His Highness Sheikh Tamim Bin Hamad Al Thani, the Amir of Qatar, the country’s leadership, and front-line workers for their hard work in taking every measure to protect the people of Qatar during this unforgettable year.”
Commenting on the occasion, Dr. Khalid Mohammed Al-Horr, CEO, Qatar Finance and Business Academy (QFBA) said: “On this day, I am pleased to convey to the Emir His Highness Sheikh Tamim bin Hamad Al Thani and the citizens and the residents of Qatar my best wishes and warmest congratulations, and as always, we are renewing our vow to continue our march of giving and exerting our efforts to serve our beloved homeland with the needed precautionary measures imposed on us by the current Covid-19 pandemic”
Al-Horr added: “At the Qatar Finance and Business Academy, we will continue to play our role in human capital development and finance education to provide the financial services and the banking sector with the necessary competencies needed to continue the journey for Qatar’s progress and development.”
While wishing everyone in Qatar a happy National Day and acknowledging the Court’s 10-year anniversary, Faisal Al-Sahouti, CEO of QICDRC, commented: “The past decade has seen many achievements for the Court and the country. As we celebrate National Day this year, we are reminded of our community’s unwavering solidarity and collaborative ability to overcome challenges, especially during the COVID-19 pandemic, as well as our joint efforts in achieving the Qatar National Vision 2030. The Court is proud to be a contributor on Qatar’s path to excellence, and we will continue to overcome challenges together to work towards a brighter future for the entire country.”
Commenting on the occasion, IPA Qatar’s CEO Sheikh Ali Alwaleed Al-Thani said: “Despite the challenges imposed by the pandemic, Qatar’s leadership, people, and economy continue to show resilience. This year, the Qatar National Day is an auspicious occasion to reaffirm our values and achievements. As we celebrate this special day, we’re also envisioning an even brighter future with our national, as well as international partners.”
The QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as up to 100% foreign ownership, 100% repatriation of profits, 10% 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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