The Qatar Financial Center and QNB Group signed a memorandum of understanding aimed at facilitating access to banking services for companies licensed by the centre, and exploring opportunities to support the development of capital markets in the State of Qatar.
This agreement combines the vital role played by the Qatar Financial Center in attracting and supporting companies operating in the State of Qatar, and the capabilities and capabilities of the QNB Group in the field of banking and financial services. Initial areas of cooperation include facilitating the opening of bank accounts for companies newly licensed by the Centre, enhancing digital access to banking services, and exploring financing structures and solutions that can support companies at various stages of their growth.
Commenting on this partnership, Mr. Mansour Al Khater, CEO of the QFC, said: “Access to banking services is one of the first requirements that any company needs when establishing its business in the State of Qatar, and we seek to make this process easier for companies licensed by the QFC and their employees. Equally important, we aim to contribute to the development of the capital markets that these companies will rely on as their business expands and grows. This partnership with QNB Group supports these two goals, as we are keen to provide the best services to customers, in addition to supporting… Deepening the capital markets in the State of Qatar. By working together, we can provide more elements that encourage companies to make the Qatar Financial Center and the State of Qatar a base for their business in the region.”
For QNB Group, this partnership provides an opportunity to support companies from the stage of establishing their business in the State of Qatar all the way to their expansion at the regional and international levels. By combining its corporate banking services, treasury and finance capabilities, along with its international network, the Group is able to help QFC-licensed companies manage their daily financial needs and obtain banking support in various markets. The capital markets workstream will also explore ways to leverage QNB Group’s financial expertise and the QFC’s legal and commercial framework to support structures that connect companies to a broader range of financing sources.
For his part, Mr. Abdullah Mubarak Al Khalifa, CEO of QNB Group, said: “Building a competitive financial center requires more than just attracting companies; it is necessary to provide the financial infrastructure and capabilities necessary to support these companies in the stages of establishment, operation and growth. Through our cooperation with the Qatar Financial Centre, we seek to facilitate access to banking services for companies wishing to enter the Qatari market, in addition to exploring opportunities to deepen capital markets and expand access to sources of financing. By employing our regional expertise and our international network With our financial capabilities, we can contribute to strengthening a business system that supports the growth of companies and contributes to consolidating the position of the State of Qatar as a leading financial center at the regional and international levels.”
Under the memorandum of understanding, the QFC will promote QNB Group as one of its strategic banking partners, and will refer companies that have recently obtained a license from the center to QNB to open corporate bank accounts. QNB Group will also make its products and services available to companies licensed by the center and to their employees, which will contribute to accelerating the joining procedures and benefiting from banking services. The two parties will also work to explore opportunities for integration between their digital platforms, allowing companies to open their bank accounts directly through the Qatar Financial Center’s electronic platform.
In the area of capital markets, the two parties will explore cooperation opportunities on euro-denominated medium-term bond programmes, special purpose vehicle structures, and financing platforms through the Qatar Financial Centre. They will also discuss treasury, liquidity management and financing solutions, as well as opportunities in the fields of digital tokenization and digital assets. The two parties also intend to form specialized technical working groups to move forward in implementing these strategic initiatives related to capital markets.
Over the next year, the Qatar Financial Center and QNB Group will organize a series of workshops, training courses and specialized round tables. They will also participate in relevant conferences and forums, and will cooperate with investment institutions, international banks, law firms and other market players, with the aim of strengthening the position of the State of Qatar and the Qatar Financial Center as a regional and international center for capital markets.