QFC’S Economic Impact Report Highlights its Significant Contribution to Qatar’s Economy

19 Dec 2020

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.

QFC’s role and contribution to Qatar and its economy has evolved since the platform’s inception and continues to expand to this day.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority

The report also highlights the increasing contributions of the Digital sector, which is one of QFC’s Strategy 2022 key target sectors.

Thaddeus Charles Malesa, Senior Advisor of Economics and Research at the Financial Sector Office

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: "This MoU marks the long-term cooperation between Qatar Financial Centre and Rwanda Finance Limited to support businesses in Rwanda and Qatar through joint initiatives that open doors for skills development, knowledge exchange and investment and partnership opportunities. The agreement also takes QFC a step further in its efforts to forging durable partnerships with international markets that help support Qatar’s economic diversification and capacity building drive."

 Nick Barigye, Chief Executive Officer, Rwanda Finance Limited, said: “This partnership between our financial centres builds on the excellent existing relations between Rwanda and Qatar. Rwanda Finance Limited and the Qatar Financial Centre Authority will collaborate on international promotion, mutual recognition, and the creation of a strong fintech community for the benefit of both our jurisdictions, further enhancing the Kigali International Financial Centre’s attractiveness as a destination for investors and financial actors who want to effectively manage their wealth and structure their investments across Africa."

To support the development of both markets, QFC and RFL will work closely on developing joint initiatives, such as roundtables, conferences, seminars, and other events, to engage members of both Rwanda and Qatar’s business communities, further strengthening the economic ties between the two countries.

 

 

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