GFC Index Ranks Qatar in Top 20 Leading Financial Centres in the World
The latest Global Financial Centres Index, GFCI 17, sponsored by the Qatar Financial Centre Authority (QFC Authority) has been published on 23 March 2015 by the London-based Z/Yen Group.
The index ranks Qatar in the top 20 leading financial centres from across the globe. Qatar’s rating rose by seven points, mainly driven by its increasing competitiveness, international relations and perceived significance as a leading financial centre not only within the GCC but on a global level. The index saw the ratings of Doha, Riyadh and Casablanca reflect the biggest gains in this competitive region, while Dubai and Abu Dhabi saw modest declines.
Deputy CEO of the QFC Authority, Yousuf Al Jaidah, said:
The QFC is delighted that Qatar has again been recognised as a leading financial centre in the GCC, ranked within the top 20 financial centres from around the world. The GFC Index is a renowned and highly relevant and respected report of the leading financial centres globally, which reflect the views and opinions of executives from all over the financial community. Qatar’s ranking and rise in ratings reflects how well the economy is performing in an unstable global economy. The QFC’s competitive business environment and its world class legal, regulatory and tax platform provides all firms with the resources they require to grow their businesses in Qatar and the broader GCC region.’
The QFC Authority is the commercial and strategic arm of the Qatar Financial Centre (QFC), an on-shore centre which has become an integral part of Qatar’s economy and rapid growth story. It is responsible for developing and ensuring compliance with the QFC regulations and rules comprising the QFC’s legal and tax environments and it helps firms to quickly establish a physical presence in Qatar and the region. QFC-licensed firms benefit from an environment which operates to international standards, with a legal system based on English Common Law, regulation which is risk and principles-based, and a competitive tax regime.
Author of the GFCI, Mark Yeandle, said:
Doha continues to make strong progress in attracting the attention of the international financial and business services community. Qatar’s regulatory and economic stability in the face of continued energy market uncertainty is testament to Doha’s strength as a globally influential financial centre.’
GFCI provides profiles, ratings and rankings for 82 financial centres, drawing on two separate sources of data – instrumental factors (third party measures and indices) and responses to an online questionnaire. The GFCI was first published by Z/Yen Group in March 2007 and has subsequently been updated every six months. Successive growth in the number of respondents and data has enabled Z/Yen to highlight the changing priorities and concerns of financial professionals over time, particularly since financial crises began to unfold in 2007 and 2008. This is the seventeenth edition of GFCI (GFCI 17). GFCI 17 uses 28,494 financial centre assessments completed by 3,527 financial services professionals. Since 2007, well over 120,000 assessments from over 9,500 respondents have built the index. The GFCI is updated regularly and ratings change as assessments and instrumental factors change.
Z/Yen is the City of London’s leading commercial think-tank. Z/Yen was founded in 1994 to promote societal advance through better finance and technology. The firm is headquartered in London, but Z/Yen is committed to the ‘virtual office’ concept and is an intense user of technology in order to improve flexibility and benefit staff. Z/Yen has 25 full-time-equivalent staff and over 300 associate experts.
To view the GFCI report, visit http://www.longfinance.net/images/GFCI17_23March2015.pdf.