1. Executing Reforms & Building Better Institutions
Case Study – State of Qatar and Qatar Financial Centre

2. Favourable geographic location with excellent transport connectivity
Introduction to Qatar
Qatar boasts a robust economy backed by the 3rd largest gas reserves in the world
The world’s leading exporter of liquefied natural gas
Third largest natural gas reserves in the world
200 years of natural gas reserves at current extraction levels
One of the highest per capital GDP in the world
Yet, has built a knowledge based diversified economy within ~10 years
Hydrocarbons portion of GDP down to ~ 50%
Sustainable industries
Stability and consistency in reforms process and institutional capacity building
Engineering mindset, rather than trader mindset driven
Quality not Quantity
Boston not Las Vegas
Favourable geographic location with excellent transport connectivity

3. Qatar: The Early Days Qatar Skyline Circa 1990s GDP Population
Per Capita GDP
1990
1995
USD 7.36 Bn
USD 8.14 Bn
0.47 Mn
0.50 Mn
USD 15,446
USD 16,238
Rating
BBB

4. Qatar: 21st Century Qatar Skyline circa 2010s GDP Population
Per Capita GDP
2009
2015
USD 97.8 Bn
USD Bn
1.63 Mn
2.24 Mn
USD 59,935
USD 127,662
Rating AA

5. Qatar competitiveness rankings
2nd Most Competitive in Middle East & 18th Most Competitive Economy in the World
Global Competitiveness Report World Economic Forum
1st Financial Centre in the Middle East & 20th in the World
Global Financial Centres Index March 2015
3rd most innovative in the MENA region &
50th in the World
Global Innovation Index 2016
Most Peaceful
in the Middle East
34th in the World
Global Peace Index 2016
2nd Most Network Ready in the
Middle East & 27th in the World
Global Information
Technology Report 2016
2nd in the Middle East and 24th in the World
Global Talent Index

6. Private Participation
Qatar’s Journey: Hydrocarbons to Knowledge Based
Focused Diversification
Hydrocarbons
Education
Financial Services
Reforms/
Policy/
Strategy
Integrate across value chain
Develop spin off industries
Technology
K12 Education Reform
Focus education around knowledge based industries
Principles & Risk Based Regulations
English Law based legal environment
Modern tax regulations & administration
Specialised Dispute Resolution
Focus on Quality not Quantity
Focus on Qatar’s needs
Institutions
Ministry of Energy
Qatar Petroleum
Qatar Gas
Industries Qatar
Ministry of Education
Qatar Foundation
QSTP
Ministry of Finance
QCB
QFC and it’s constituent bodies (2005)
QFMA (2005)
QIA (2004)
Private Participation
ExxonMobil
Total
Mitsui
Shell
….Others…
Weill Cornell Medical (2002)
Texas A&M (2003)
Carnegie Mellon (2004)
Georgetown University (2005)
Northwestern University (2008)
HEC Paris (2011)
University College London (2011)
…Others…
10 out of top 20 global banks
8 out of the top 20 global insurers
4 out of the top 10 private banks
Largest regional bank – QNB
Largest regional insurer - QIC

7. Qatar’s Fully Integrated LNG Model Qatar’s focus on developing institutional competency across the LNG value chain has developed unique and sustainable advantages for Qatar
From the early 1990s, Qatar has pursued a systematic program for the development of its hydrocarbon resources focusing on
Developing capabilities across the LNG value chain
Implementing mutually beneficial partnerships with international firms
Undertaking reforms to develop institutional competency
This experience of developing Qatar’s hydrocarbon sector provided a roadmap for its future growth as a modern knowledge based economy

8. Regulator / Institution Industry Participants / Volume
Qatar Financial Services Landscape: Pre-2005
Ranked 47 out of 50 countries on Global Financial Centres Index (Sept. 2007)
Regulator / Institution
Role
Industry Participants / Volume
Qatar Central Bank
Authorise and Supervise QCB licensed banks, and FIs
Manage Monetary policy
8 local banks
7 branches of foreign banks
5 insurance companies
25 Other FIs
Qatar Exchange
Securities Market for listing equities
30 listed companies
Ministry of Finance
Insurance regulations
4 local insurers

9. Qatar Financial Services Landscape: Current
Ranked 20 out of 82 countries on Global Financial Centres Index (March 2015)
Regulator / Institution
Role
Industry Participants / Volume
Coordinating Mechanisms
Qatar Central Bank
Authorise and Supervise QCB licensed banks, FIs, Insurance & Reinsurance companies
Manage Monetary policy
11 local banks
7 branches of foreign banks
5 insurance cos.
25 Other FIs
Financial Stability Committee
Chaired by QCB Governor
Representation from QFMA & QFCRA
Responsible for:
Identifying & assessing sector risks
Coordinating work of the Financial Sector regulators
Proposing policies
Qatar Financial Markets Authority
Regulate Qatar’s Financial markets (Qatar Exchange and, QE Venture Market)
Qatar Exchange
44 listed cos., 35 listed bonds & 17 listed T-Bills
QE Venture Market
Junior Market focused on SMEs
Qatar Financial Centre
Authorise and Supervise QFC licensed banks, FIs, Insurance & Reinsurance companies
348 licensed firms. 91 regulated firms including major international banks, insurance cos., & asset management cos.
Qatar Investment Authority
Sovereign Wealth Fund
More than USD 300 billion in AuM
Financial and Economic Affairs Committee

10. QFC comprises 4 independent entities administering a legal, tax and regulatory environment One Country, Two Systems | Policy Lab
Hears civil and commercial disputes between QFC firms and their counterparties.
Regulates, authorises and supervises QFC Firms conducting regulated activities
Legal and tax
Manages and maintains the QFC legal and tax environment
Licenses firms to conduct business in or from the QFC
HE Governor, QCB
Chairman
Regulatory
Dispute Resolution
HE Minister of Finance
The Rt. Hon. Lord Phillips of Worth Matravers
President of the Court
Council of Ministers
The Rt. Hon. Sir David Keene
Chairman of the Regulatory Tribunal
Hears appeals relating to decisions made by the QFC Authorities or Institutions
Source: and leaflet “We mean business”.

11. QFC Authority Phases of Development
Strategic Direction: Put the basics in place
Development of the building blocks that defined a world-class business and financial centre
Focus on Quality not Quantity: “…our strategy…is not about the number (of companies) as much as the quality of the companies…” - H.E. Yousef Kamal, Ex. Chairman, QFCA
Phase 2
Strategic Direction: Alignment to Qatar’s needs
Increased engagement with local stakeholders
Focused on local Financial Sector needs – Asset Management, Reinsurance, Captive Insurance
Phase 3
2014 & Beyond
Strategic Direction: Accelerate growth
Increased number of licensed firms and expanded offering for local firms
Attracted a broad range of firms to the QFC
Align the QFC platform to provide broader benefits to Qatar

12. QFC offers firms several significant benefits1
LEGAL &
JUDICIAL
FRAMEWORK
Best-in-class legal environment based on English common law
Independent courts headed by The Rt. Hon The Lord Phillips of Worth Matravers
Regulatory tribunal headed by The Rt. Hon. Sir David Keene
EASE OF SETUP
One-stop-shop for licensing, commercial registration, immigration and related services
Dedicated facilities team to support office setup, range of office premises available
No restrictions on visas and employment
FULL
OWNERSHIP
QFC allows 100% ownership by foreign companies
All capital and profits can be repatriated with no withholding taxes.
CLIENT
COMMUNITY
Continued engagement via a dedicated client relationship team
Regular events, publications and QFC Intranet to support the QFC community
ONSHORE
ENVIRONMENT
QFC firms can target regional and Qatar clients alike
QFC firms can conduct business in any currency, including Qatari Riyals
TAX
ENVIRONMENT
QFC tax environment reviewed by OECD2 independently of State of Qatar environment; awarded Qatar the 2nd highest possible mark of “largely compliant”
Qatar ranked the simplest country in the world for paying taxes3
Note: 1 – Source: and leaflet “We mean business”.
2 – OECD = Organisation for Economic Cooperation and Development
3 – Paying Taxes 2015 Report by PwC, the World Bank Group

13. QFC permitted activities include a wide range of businesses and structures
Non-Regulated Activities
Regulated Activities
Professional
&
Business Services
Company Limited by Guarantee LLC(G)
Holding Company
Banking
Investment Banking
Private Banking
Corporate Banking, etc.
Insurance / Reinsurance
Asset Management
Retail scheme
Qualified investor
Private Placement
Company Headquarters
Trusts
Special Purpose Company (SPC)
Captive Insurance
Treasury Operations
Fiduciary Businesses
Fund Administration
Fund Advisory
Custodian Services, etc.
Management Office
Company & Trust Administration Services
Single Family Office (SFO)
Islamic Finance
Insurance / Reinsurance Broking
Note: * Non-exhaustive list - Refer to Schedule 3 of QFC Law No. 7 of 2005 (as amended) for full list of permitted activities

14. Thank you!

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