Yousuf Mohamed Al Jaida (centre), CEO, QFC Authority; UPS Madan (fourth right), Metropolitan Commissioner, MMRDA; and P Kumaran (third right), Indian Ambassador to Qatar, with other officials during the MoU signing ceremony at QFC headquarters in Doha.
The Qatar Financial Centre (QFC) Authority has signed a Memorandum of Understanding (MoU) with the India-based Mumbai Metropolitan Region Development Authority (MMRDA), aiming to boost financial services industry in both the countries.
MMRDA is the authority responsible for long term planning, promotion of new growth centres, implementation of strategic projects and financing infrastructure development in Mumbai, dubbed as India’s financial capital.
The agreement supports transfer of knowledge between the two entities as the MMRDA looks to explore the process of setting up an International Financial Services Centre (Mumbai-IFSC) in the city of Mumbai.
The agreement will provide a host of benefits to the QFC including, support QFC efforts in promoting financial technology in Qatar as this is a growing area in Mumbai.
The agreement will also support QFC’s business development efforts in a more cost effective manner. It will also support QFC in attracting substantive companies with a track record of Foreign Direct Investment and employment creation in the Middle East.
Also the MoU supports QFC in its strategic target of establishing Msheireb as Qatar’s pre-eminent Financial and Commercial destination.
“This agreement helps bring together two regional powerhouses to ensure the continued development of the MENASA region, and further clarifies the importance of ties between Qatar and India,” said Yousuf Mohamed Al Jaida, QFC Authority CEO.
“The QFC's support in helping transform Mumbai into a financial hub is clear and evident proof of our success as a platform and shows just how far we have come to be viewed as a case study for transforming a city to a financial global hub,” he added. On his part UPS Madan, Metropolitan Commissioner, MMRDA stated: "The MoU signed today with QFC strengthens the cooperation between India and Qatar and will facilitate mutually beneficial developments of the financial services industry in both countries. We look forward to working with QFC and their team to advance the financial developments in both countries through joint initiatives.”
“We look forward to working more closely with the QFC to share expertise in international financial services activities, and facilitate contacts for market operators, university institutions, and financial delegations," he added.
Qatar and India cooperate in a diverse number of sectors, over the past few years the two countries have signed seven agreements focusing on investment in National Investment and Infrastructure Fund of India , Financial Intelligence Unit – India (FIU-IND) and the Qatar Financial Information Unit (QFIU) and other areas.
