DOHA– HE Sheikh Abdullah bin Saoud Al Thani, Chairman of the Board of Directors of the Qatar Financial Markets Authority (QFMA), said the year 2013 saw the culmination of efforts being exerted by the regulatory and supervisory bodies in the financial sector in Qatar in order to activate the Qatar National Vision 2030 with respect to the contribution of the financial sector in transforming the country to a regional hub capable of attracting foreign funds and technology, and promoting the localization of local investments, referring in this regard to the launch of the Strategic plan for financial sector regulation in 2013.
In a speech at the annual QFMA report for the year 2013, HE Sheikh Abdullah bin Saoud Al Thani said the Authority was keen to be a key participant in the formulation of such an unified strategy for the financial sector through its active role and ongoing cooperation with other regulatory and supervisory bodies, led by Qatar Central Bank (QCB) and the QFC Regulatory Authority as well as the launch of its strategy on the Qatari capital market , in conjunction with the unified strategy for the financial sector on as the regulatory and supervisory body on the banking-related financial services.
During 2013, QFMA has carried out important steps towards transforming the Qatar Exchange (QE) to a regional center for the financial activities and services, he said, noting that the Authority became a full member of the International Organization of Securities Commissions (IOSCO), the Qatari financial market’s upgrade to emerging market status, in addition to Qatar Exchange (QE)’s membership in the World Federation of Exchanges (WFE), recognizing the progress the Qatari financial market made at various technical, regulatory and operational levels.
HE Sheikh Abdullah bin Saoud Al Thani considered the membership a new step in the context of becoming a regional hub for investors and financial service providers in the Middle East.
The publication of QFMA’s second annual report comes in line with its constant and continuous approach to inform the public of the most important developments and procedures it pursues in order to develop the local markets and be open to any suggestions or ideas aimed at upgrading the national financial markets.
For his part, QFMA CEO Nasser Ahmed Al Shaibi said that the authority’s plan regarding the development of Qatari financial markets is based on several axes on top of which is to work towards achieving Qatar National Vision 2030 and the National Development Strategy 2011-2016 through its strategic vision, mission and plan.
In his speech at the QFMA annual report, Al Shaibi said these axes include working to provide a favorable investment environment for investors in order to protect their investment, support the growth and diversification of the national economy, maintain the stability, integrity and transparency of transactions in these markets, develop the staff ‘s level of skills and knowledge as well as contribute to the upgrading of financial services available at the national Financial markets.
He pointed out that the year 2013 marked a turning point in the march of QFMA, and a milestone in its history since its inception in 2007, noting that the authority has achieved numerous successes reflecting an international recognition of the strength of the organizational, regulatory and supervisory structure of the Qatari market and its compliance with the best international standards and practices, which culminated in the upgrade of the Qatari Market to emerging market status and QFMA ‘s gain of the IOSCO membership.
QFMA has launched its strategic plan for the coming years to serve as a road map through which the Authority will maintain its position and boost the ongoing development of the financial markets to become a regional hub for financial services of high quality, Al Shaibi said, stressing QFMA ‘s keenness to be develop a strategic plan in line with the strategic plan for the financial sector, through cooperation and coordination with other financial regulatory bodies and the active participation in the formulation and launch of the strategic plan for the financial sector in Qatar.
Developing a policy of disclosure and transparency is one of QFMA’S strategic objectives, he said, referring in this regard to the regular annual reports that shed light on its ongoing efforts, the developments in the national financial markets related to the improvement of the market system or the institutional performance of the Qatari Financial Markets, and their impact on the volume of activity in the market through the relevant statistics.
He expressed hope that all the relevant parties would contribute in this development process carried out by QFMA, and to play an effective role to achieve its future vision by taking part in the opinion polls or by submitting proposals for development and modernization, either through direct contact, e-mail or any other suitable means. -QNA