ID :
321103
Tue, 03/18/2014 - 00:47
Auther :

GFC Index 15: Qatar Ranks As The Top Financial Centre in the GCC

Doha, March 17 (QNA) - The latest Global Financial Centres Index (GFC Index 15), covering 83 financial centres ranks Qatar as the top financial centre in the GCC. The index , published on Monday by the London based Z/Yen Group , said Qatars rating rose by 15 points, mainly driven by its increasing competitiveness and perceived significance as a financial centre. The index saw the ratings of Bahrain, Riyadh and Abu Dhabi in the region also increase. However, Qatar maintained its leading position. Professor Michael Mainelli, Executive Chairman of the Z/Yen Group, said: "The immediate story of GFCI 15 is that New York City overtakes London. But that misses the bigger picture as Hong Kong and Singapore continue to gain against both traditional leaders. In the GCC, Qatar, Bahrain, Riyadh and Abu Dhabi all increase their ratings. Yet in Europe, 23 of 27 European centres decline. Financial centre leadership is increasingly uncertain in a world of feeble monetary systems." Shashank Srivastava, CEO and Board Member of the QFC Authority, added: "I am delighted that Qatar has again been recognised as the leading financial centre in the GCC. The GFC Index, which is published twice a year, is a highly relevant and recognised indicator reflecting the views and opinions of executives from all over the world. Qatars position and rise in the ratings reflects how well the economy is performing, the competitive business environment and the world class legal, regulatory and tax platform the Qatar Financial Centre offers all firms to grow their businesses in Qatar and the broader GCC region." GFCI 15 uses 25,441 financial centre assessments completed by 3,246 financial services professionals. The GFCI is updated regularly and ratings change as assessments and instrumental factors change. The Global Financial Centres Index (GFCI) provides profiles, ratings and rankings for 83 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 fifteenth edition of GFCI (GFCI 15). Z/Yen Group 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. Z/Yen has built its practice around a core of high-powered project managers, supported by experienced technical specialists so that clients get expertise they need, rather than just resources available. 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. Z/Yen people share significantly in the benefits of success and Z/Yen seeks to develop a supportive environment in which professionals from a variety of disciplines can flourish. The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and domestic Qatari firms and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No. (7) and has been open for business since 1 May 2005. The QFC Authority is responsible for the QFCs commercial strategy and for developing relationships with the global financial community and other key institutions inside and outside Qatar. The QFC Authoritys strategy focuses on creating a global business hub for a broad range of domestic and international financial services firms. (END)

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