Qatar changes tack to boost financial centre

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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.