Doha: Qatar  Financial  Centre  (QFC) announced the signing of a  non-binding Memorandum of Understanding (MoU) between the Investment Promotion Agency of Qatar (IPA Qatar), which is licensed on the QFC platform, and UBS, global wealth management firm and a leading financial services provider.

In line with IPA Qatar’s mandate to bolster Qatar’s financial services sector by attracting leading institutions, the MoU sets forth a preliminary agreement in principle for establishment of a UBS Wealth Management operation in Doha and collaboration on future opportunities supporting the development of Doha as a leading financial services hub. The MoU also contemplates that IPA Qatar and UBS will negotiate and execute a definitive agreement in relation to mutually strategic nexus markets.

In addition to strengthening the financial services market infrastructure in Qatar, the IPA Qatar-UBS MoU is expected to support the acceleration of financial digitisation in Qatar, enhance efficient interaction between financial markets internationally, and support local talent development.

The MoU was signed on Sunday by H E Ali Bin Ahmed Al-Kuwari, the Minister of Commerce and Industry and the Chairman of IPA Qatar, Axel Weber, the Chairman of UBS, and Ralph Hamers, Group CEO of UBS in the presence of both of the organisations’ officials. IPA Qatar extends appreciation and thanks also to Sergio. Ermotti, former Group CEO of UBS, for his vision and support in respect of the MoU.

Launched in 2019, the Investment Promotion Agency (IPA) of Qatar, which is registered in the QFC platform, aims to smooth the way for investors’ journeys to business success in Qatar, while transforming and diversifying one of the world’s most prosperous economies. To this end, the Agency acts as a gateway to all investment solutions in Qatar, with a focus on advancing ambitious investors’ goals and accelerating their growth, in line with the nation’s FDI roadmap and economic development goals. While opening the door to opportunities in all fields and disciplines, IPA Qatar actively pursues targeted, sector-specific investment promotion agendas.

The QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate  tax  on  locally  sourced  profits,  and  an  extensive  double  taxation  avoidance agreement network with 81 countries.

SOURCE: THEPENINSULAQATAR