12 May 2024

Qatar Financial Centre Signs MOU with EDB Mauritius

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Doha, May 12 (QNA) - Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), signed a Memorandum of Understanding (MoU) with the Economic Development Board (EDB) Mauritius, the national investment promotion agency of the Government of Mauritius.

The MoU aims at promoting collaboration in areas of mutual interest and outlined several key objectives, including financial sector cooperation, promotion of QFC and EDB Mauritius, and skills enhancement.   

Under the MoU, QFCA and EDB Mauritius will foster the creation of a community between the fintech ecosystems of Qatar and Mauritius, providing support for fintech initiatives within banks and other regulated financial institutions in both countries. Additionally, they will assist in fast-tracking fintech development, provide institutional support for entities setting up in each other's jurisdictions, and share best practices to advance Islamic finance.

Both entities also aim to collaborate on promoting each other’s platform by organizing round table events, conferences, seminars, and other promotional activities. Furthermore, they will facilitate the participation of business communities from both regions in relevant official events.

Finally, the two parties intend to cooperate on facilitating skills- and capacity-building initiatives, involving technical assistance, knowledge transfer, and policy development in areas crucial for capacity enhancement. Specifically, they will share best practices between QFC and local Mauritian institutions, implement staff secondment programs to exchange expertise, develop training programs for financial institutions, and exchange information on investment and trade policies.

Chief Executive Officer, QFC, Yousuf Mohamed Al Jaida, expressed his enthusiasm about the partnership, stating, "This MoU marks a significant step towards fostering closer ties between Mauritius and Qatar in the realm of financial services. Through this collaboration, we aim to capitalize on our respective strengths and expertise to drive innovation, promote sustainable development, and create new avenues for economic growth. By working together, we can enhance the competitiveness of both our jurisdictions and create a conducive environment for businesses and investors in Qatar and Mauritius."

Chairman, EDB Mauritius, Hemraj Ramnial CSK, shared his perspective on the MoU, saying, "The signing of this MoU signifies not just the formalization of a partnership but the beginning of a journey towards deeper collaboration and synergy between our two esteemed organizations. It represents a commitment to leveraging our respective strengths and resources to foster economic growth, innovation, and prosperity for both our nations and beyond."

This MoU underscores the QFC's steadfast commitment to driving economic progress and diversification and its vision to transform Doha into a leading global financial and commercial capital while cultivating stronger ties between Qatar and Mauritius. (QNA) 

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