The Qatar Financial Markets Authority (QFMA) is working to further improve the performance of Qatar’s capital market, which has previously been ranked among the top 10 financial markets in the world in various indicators related to measuring capital market performance.
Qatar’s capital market continued to build on its successes, as it achieved growth and development amidst various international and regional conditions, supported by a robust national economy, QFMA Chief Executive Officer Nasser Ahmad Al Shaibi said yesterday.
He was speaking at the opening of the 3rd QFMA Conference which was formally inaugurated by Qatar Central Bank (QCB) Governor H E Sheikh Abdulla bin Saoud Al Thani, in the presence of H E Sheikh Mohammed bin Hamad Al Thani, Deputy Governor of QCB, with the participation of local, regional, and international officials, specialists, experts, and stakeholders in the finance sector.
In his speech, Al Shaibi said the forum seeks to find solutions for the challenges currently faced by global financial markets which include challenges related to innovation, technology, and sustainable development, legislation, governance, and investor protection.
“Many of our financial markets have been able to keep pace with the development required to meet these challenges. We at Qatar Financial Markets Authority are continuing to develop procedures and systems to enhance the performance of the Qatari capital market, improve its attractiveness, and increase the investment opportunities for investors. We are doing all we can to improve the performance of the capital markets to unprecedented levels that we aspire.
But to ensure sustainability, continuity, and competitiveness to keep pace with all global developments, we are required to work together to consolidate the principles of governance, disclosure, and transparency to achieve further development in the financial markets,” Al Shaibi added.
Speaking to The Peninsula on the sidelines of the event, Paul Andrews, Secretary-General of the International Organization of Securities Commissions (IOSCO), said Qatar’s capital market was well-positioned in addressing challenges affecting the sector.
“The markets here are well-positioned because they’re thinking about these issues around investors and investor inclusion, and how to make the markets as safe as possible, recognizing that markets entail risk. And I think the issues around disclosure, education, which are the key components, are the focus of the QFMA. And it’s very great to see the focus that we see in Qatar on investors, which is very important to an organization like IOSCO,” he added.
In his keynote speech earlier, Andrews also highlighted the issues on sustainability and development of smart capital market systems using financial technology, which are of great importance amidst rapid developments in the global financial markets. He also reiterated the importance of strengthening the role of the regulatory bodies in protecting the interests of the investors.
Jalil Tarif, Secretary-General of the Arab Union for Securities Commissions, said the value of global financial markets increased by 26 percent to $94 trillion in 2019 compared to the previous year, while the Arab financial markets also increased to $3.2 trillion last year.
“There has been rapid developments witnessed by the global financial markets in various fields, despite the sharp fluctuations in the performance of global financial markets, which reflects the volatile economic and political conditions, especially those related to the exacerbation of the international trade crisis and the uncertainty about the effects of Britain’s exit from the European Union, as well as developments in international interest rates and oil prices.
These markets have continued in the long term from achieving their gains,” Tarif added.