QFC Authority Sign MOU with the Mumbai Metropolitan Region Development Authority (MMRDA)
The Qatar Financial Centre; one of the world’s leading and fastest growing business and financial centres has signed a MoU with the Mumbai Metropolitan Region Development Authority (MMRDA), the authority responsible for long term planning, promotion of new growth centers, implementation of strategic projects and financing infrastructure development in Mumbai.
The agreement supports transfer of knowledge between the two entities as the MMRDA looks to explore the process of setting up an International Financial Services Centre (Mumbai-IFSC) in the city of Mumbai.
The agreement will provide a host of benefits to the QFC including:
- Support QFC efforts in promoting Fintech in Qatar as this is a growing area in Mumbai
- Support QFC BD efforts in a more cost effective manner
- Support QFC in attracting substantive companies with a track record of FDI investment and employment creation in the Middle East
- Support QFC in its strategic target of establishing Msheireb as Qatar’s pre-eminent Financial & Commercial destination
Commenting on the signing of the MoU, QFC Authority CEO Yousuf Mohamed Al-Jaida stated: ”This agreement helps bring together two regional powerhouses to ensure the continued development of the MENASA region, and further clarifies the importance of ties between Qatar and India. He added: “The QFC's support in helping transform Mumbai into a financial hub is clear and evident proof of our success as a platform and shows just how far we have come to be viewed as a case study for transforming a city to a financial global hub.”
On his part UPS Madan, Metropolitan Commissioner, Mumbai Metropolitan Region Development Authority stated: "The MoU signed today with QFC strengthens the cooperation between India and Qatar and will facilitate mutually beneficial developments of the financial services industry in both countries. We look forward to working with QFC and their team to advance the financial developments in both countries through joint initiatives.”
He continued: “We look forward to working more closely with the QFC to share expertise in international financial services activities, and facilitate contacts for market operators, university institutions, and financial delegations."
Qatar and India cooperate in a diverse number of sectors, over the past few years the two countries have signed seven MoU’s/Agreements namely:
- MoU for investment in National Investment and Infrastructure Fund of India
- MoU on Financial Intelligence Unit – India (FIU-IND) and the Qatar Financial Information Unit (QFIU)
- MoU for Cooperation in Skill Development and Recognition of Qualifications
- MoU for Cooperation in the field of Health
- Agreement on Cooperation and Mutual Assistance in Custom Matters
- MoU on Tourism Cooperation
- First Executive Program for MoU in the field of Youth and Sports