DOHA: H E Sheikh Abdulla bin Saoud Al Thani, Governor of Qatar Central Bank (QCB) and Chairman of Qatar Financial Markets Authority (QFMA) has hailed the role played by the Authority in promoting the march of the financial market in Qatar, despite the unjust blockade imposed on the country.
“The procedures and decisions issued by the QFMA have played an active role not only in strengthening the functioning of the Qatari capital market under the blockade, but also in delivering more achievements and development of such market as well as making it more resilient to face any sudden fluctuations or Subversive plans may be managed to undermine the development of the Qatari financial markets,” the QCB Governor said. He stressed that “the efforts of the QFMA and financial sector regulators during the second half of 2017 particularly resulted in achieving a record success and addressing the attempts of the unjust blockade imposed on the State to harm the Qatari financial sector”.
In his message in the annual report of QFMA, Sheikh Abdulla noted that the “QFMA plays a significant role and has a great responsibility to contribute in developing the Qatari capital market in line with Qatar National Vision 2030, which is a clear road map for Qatar’s future, and aims at balancing the achievements of economic growth with the natural and human resources of the State. This vision is a beacon that guides all official and private bodies for the State’s renaissance and development”.
He pointed that the QFMA, in cooperation and coordination with the financial sector regulators in the State, exerted great efforts during the last period in order to continue in maintaining the Qatari capital market to its leading position in the region and the world, as per stated by several international classifications issued by major specialized agencies and international financial institutions.
The QCB Governor pointed that the results of such classifications is clearly shown in the continued growth of the Qatari market on the emerging market status, after the upgrade from a frontier market on more than one index, to be one of the best and largest financial markets in the region, as well as maintaining an advanced ranking in Financial Market Development Index based on the World Economic Forum’s (WEF) Global Competitiveness Report. In addition, the legislations regulating the Qatari capital market issued by the QFMA is considered the best Arab legislations, and within the first and advanced ranks at the international level.
He said that the QFMA is exerting great continues efforts to ensure maintaining the achievements and gains of the Qatari capital markets. Moreover, the QFMA still believes that it needs more effort and steps to achieve further progress and prosperity for these markets and for the development of the State of Qatar. He emphasized that Qatar’s economy has for several years achieved more successes and achievements that clearly contribute to establish a strong and developed economic structure for the greater achievement of hosting the 2022 FIFA World Cup.
Since its inception in 2005, the QFMA has undertaken the task of maintaining the stability of the Qatari financial markets in light of the successive crises facing the global economy in various sectors, especially the energy and industrial sectors.
Chief Executive Officer of Qatar Financial Markets Authority (QFMA) Nasser Ahmed Al Shaibi said that the QFMA is working hard to maintain the last period achievements, related to the development of the Qatari capital market.
“Despite of a lot of regional and international challenges have been facing the financial markets in the region, the QFMA’s efforts in cooperation with all financial sector regulators in the State made the Qatari capital market succeed in overcoming any side effects which might affect the market. Such efforts also helped in upgrading the Qatari capital market rankings to advanced positions according to the classifications of international institutions specialized in tracking the performance of capital markets around the world,” CEO of QFMA Nasser Ahmed Al Shaibi (pictured) said.
He stressed that the QFMA has achieved a typical success in facing the unjust blockade imposed on the State of Qatar with adopting effective measures and policies that have supported the market during the past year. The QFMA’s intensive efforts to maintain the capital market gains play an active role towards maximising such gains and achievements of the capital market in the State.
“The QFMA launched its strategic plan until 2022, adopting the best results to serve Qatar’s national vision and the financial sector strategy in the State and to achieve the required development in the capital market sector,’ he said.
Al Shaibi pointed out that QFMA’s role is not only limited to issuing procedures and legislation, but also it is continuously pursuing the evaluation of those procedures and legislation to determine their impact on all concerned parties in the market in order to take the appropriate decisions to be developed and updated in a timely manner to achieve the key objective which is to ensure the stability and protection of the market and protect people dealing in the market.
“QFMA is moving forward with steady and deliberate steps towards continuing efforts to develop the capital market in the State. Regardless of all the circumstances in the region and all the global economic challenges, the QFMA will continue its efforts for institutional development and capacity building. Such efforts will ensure maintaining the highest levels of regulatory efficiency, thus contributing to enhancing the QFMA’s independency and ensuring its strong competitiveness as an active member of the International Organization of Securities Commissions (IOSCO)”
