2014 was distinctive year in QFMA process and had many achievements

02/08/2015 08:08 AST

Doha: HE Governor of Qatar Central Bank Sheikh Abdullah bin Saud Al-Thani, the Chairman of the Board of Directors of Qatar Financial Markets Authority (QFMA), underlined that the year of 2014 was one the distinctive years in the QFMA's process, and it had many achievements and success, based on the principles and of its first strategic plan, which seeks to promote the activities and financial services, in order to achieve the aspirations of the Qatar National Vision 2030, aiming to position Qatar as a regional benchmark of financial services.

In a speech topped the QFMA annual report, HE the authority chairman said that the top of the QFMA's achievements in 2014 was upgrading of Qatar Exchange (QE) to the status of emerging markets in two international institutions indices (the MSCI Emerging Markets Index and Standard & Poor's Index), in addition to becoming the largest weightings of financial market in the Middle East in the MSCI index.

He noted that this upgrading is important to enhance a wide flows of foreign investments to the QE, increase the trading and growth opportunities, and enhance its international status, adding that this important achievement came after the amendments and additions to the applicable legislations made by the QFMA and with continues cooperation and coordination with both of Qatar Central Bank (QCB) and Qatar Financial Center (QFC) in order to develop Qatari capital market.

Qatar's economy assumed advanced ranks on the scale of the international and Arab classifications in 2014, HE Sheikh Abdullah bin Saud Al-Thani said. For Instance, ranking Qatar's economy as the sixteenth rank at the international level and the second Arab country in term of the general index of the global competitiveness, ranking Qatar's economy as the first among Arab and the fifteenth internationally in the creativity and innovation sub-index. Qatar's economy was also ranked the first in investment of the GCC countries, according to a recent official statistics issued by the database council in the GCC in December of 2014.

HE stressed the need to exert a lot of effort to maintain accomplished steps and successes, and added that the Qatari capital market also needs to achieve further progress and prosperity for the State of Qatar.

For his part, CEO of Qatar Financial Markets Authority Nasser Ahmad Al Shaibi said that the QFMA is proud of the important achievements accomplished in 2014 which is first step to achieve the aspirations of Qatar National Vision 2030, that seek to transform Qatari Capital Market to a regional benchmark of financial services and activities.

He noted that these accomplishments have been achieved by the hard and fruitful work of the QFMA within its stated strategy. The QFMA worked on issuing and amending certain laws that would upgrade QE to the status of emerging market in S&P Index, as well as increasing the weightings of the market in the MSCI Emerging Markets Index to become the largest weightings of financial markets in the Middle East.

In this regard, the QFMA contributed in amending foreign investment law leading to raise the non-Qatari ownership percentage, and treat the GCC citizens as Qataris. The QFMA also contributed in amending the calculation mechanism of ceiling of non-Qatari ownership in shareholding companies offered for trading in QE, to be calculated based on the total share capital and not on the free float, the CEO said.

The QFMA also contributed in issuing Law No. (17) of 2014 to exempt non-Qatari investor's share in the profits of companies whose shares are offered for trading in the financial market. The QFMA's efforts also extended to include issuing the rules governing margin trading in the Qatari market, and regulate registrations of external auditors and financial evaluators of listed entities and entities subject to the QFMA's jurisdiction, in order to enhance transparency and disclos

The Peninsula