When the Qatar Financial Centre was launched in 2005, it took aim at Dubai’s fledgling operation, hoping that Doha’s superior financial firepower would lure banks away from the emirate.
For the next five years, Doha was locked in a losing battle to bring in institutions from banks to insurers.
In 2010, however, it downsized its staff and set about a more targeted strategy, focusing on asset management and reinsurance.
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