February, 02 , 2010

Qatar Financial Centre has launched an overhaul that will see the gas-rich emirate refocus its efforts on attracting asset management and insurance companies in a bid to compete with other regional financial centres.The centre is making a third of its staff redundant as it launches what it hopes will become a new phase of its development. It was established in 2005 and has lured many international financial institutions to the city – even if neighbouring Dubai has become the regional hub of choice for the majority of banks.

The move comes amid government preparations to finalise the long-delayed unification of three regulatory agencies governing finance in the emirate: the QFC’s regulator, the stock market and central bank’s supervision of the local banking industry.Shashank Srivastava, acting chief executive, said the focus would now turn to fostering asset management, captive insurance and reinsurance industries.Now we will focus on these three hubs where we think Qatar can become pre-eminent,” he told the Financial Times.

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