Qatar Central Bank Governor H E Sheikh Abdulla bin Saoud Al Thani has stated that there is immense scope for further bolstering the cooperation between the financial services industry in Qatar and the UK. Given the strong bilateral ties and prolonged political, economic, social and cultural ties between the two countries, there is huge potential for further bolstering the mutual cooperation in the financial, banking and investment fields, the QCB Governor said.
Delivering the opening address at a high-profile “Qatar-UK Financial Services” event here yesterday, Sheikh Abdulla said Qatar views London as an “incubation for investments” and will continue to tap the opportunities in that vibrant market.
The event, held under the auspices of the QCB Governor and Lord Mayor of the City of London in the United Kingdom Alderman William Russell, was organized by the UK’s Department for International Trade, in cooperation with Qatar Central Bank.
Sheikh Abdulla noted that London is an important destination for investment and the global markets. It is also an important hub for all kinds of financial and business services worldwide. Qatar will continue to tap London’s opportunities in the Sukuk market, he said.
Highlighting the strong ties between Qatar and the UK in the fields of financial services, cybersecurity, and fintech, the QCB Governor said that the cooperation has now further extended to the education sector with the setting up of “Qatar Centre for Global Banking & Finance” at King’s College, London- a research center dedicated to the study of central banks and the challenges they face in the global environment.
The Centre will be a model for developing human capital and joint cooperation with a view to developing education and training in the field of banking and finance and building capabilities for employees of the Qatar Central Bank and the financial sector in the State of Qatar. He added that agreement will help achieve the goals of the Qatar National Vision 2030 and the strategy of the financial sector in the State of Qatar.
The QCB Governor also noted that a recent agreement signed between the State of Qatar and the UK in the field of cybersecurity is witnessing great progress. The Memorandum of Understanding (MoU) was signed between QCB and the Department for International Trade.
Sheikh Abdulla said that Qatar Central Bank is currently preparing to launch the financial technology strategy, with preparations for launching a Sandbox technology for computer security which separates running programs and malware.
Speaking on the occasion, The Lord Mayor of the City of London Alderman William Russell appreciated the long-term partnership between Qatari and British financial institutions.
Qatar is an important investment partner for the city of London and the UK. The City of London is keen to support the State of Qatar while developing its financial services sector, h he said.
He pointed out that London and the UK have experience in emerging areas, such as green finance, and Fintech. The UK financial services sector is ready to work on providing everything necessary to support Qatar in organizing the 2022 FIFA World Cup.
Ajay Sharma, the Ambassador of the United Kingdom to Qatar noted that the Forum aims to enhance the long-term partnership between the two countries. The strong presence of top industry leaders from the UK and Qatar demonstrates the importance and great value that the two sides attach to the existing strategic relations between them in this field, as well as the shared commitment to progress in initiatives of mutual benefit across financial services.