The Qatar Financial Center Authority, the legal and tax arm of the Qatar Financial Centre, signed a memorandum of understanding with the Casablanca Financial Center Authority in Morocco, to enhance cooperation between the two sides as members of the Global Alliance of International Financial Centers.
The memorandum of understanding aims to advance the strategic partnership between the two sides, which contributes to consolidating their role as two regional financial centers and enhancing economic development and a business-friendly system in both Qatar and Morocco, in addition to developing vital sectors such as financial technology, private banking and sports, which leads to driving innovation and economic diversification.
The memorandum of understanding focuses on the importance of attracting more financial institutions, multinational companies, and professional service providers to join both financial centers, in addition to exchanging information and expertise on innovation trends, products, services, and legislation on both sides.
The memorandum will contribute to increasing cross-border trade participation through regular delegations, thus supporting relations between the financial and business systems in Qatar and Morocco. It will also enhance joint initiatives in the field of financial culture and vocational training, to develop talents and qualify them to work within the advanced financial sector in both countries.
Mr. Youssef Mohamed Al-Jaida, CEO of the Qatar Financial Center, said in a statement on this occasion: “This strategic partnership with the Casablanca Financial Center reinforces our ongoing efforts to grow and develop the financial sector in Qatar, and reflects our aspirations to build an interconnected and innovative system to serve the future of the financial and business sector throughout the region.” “This partnership will contribute to attracting global investments and creating opportunities for joint growth and knowledge exchange, thus enhancing the strength of the financial scene in both Qatar and Morocco.”
For his part, Mr. Saeed Ibrahimi, CEO of the Casablanca Financial Center, expressed his happiness with this partnership, saying: “The memorandum of understanding constitutes a milestone for both the Casablanca Financial Center and the Qatar Financial Center and provides a link between Africa and the Middle East… and through our cooperation and efforts.” We will work to strengthen the vital relationship between the two regions to empower companies and drive growth in the Middle East and North Africa region.”
The memorandum of understanding between the Qatar Financial Center and the Casablanca Financial Center constitutes an important step towards strengthening bilateral relations between Qatar and Morocco, and also highlights their joint commitment to establishing a new standard for regional cooperation and building a flexible financial system capable of competing globally.