The Investment Promotion Agency, registered on the QFC business platform, and the Swiss banking group UBS, the world’s leading global company, signed today a Memorandum of Understanding (MoU) in the field of wealth management and financial services.
The memorandum was signed by HE Ali bin Ahmed Al Kuwari, Minister of Trade and Industry and Chairman of the Investment Promotion Agency, on behalf of the UBS Group, by Mr Axel Weber, Chairman of the Group’s Board of Directors, and Mr Ralph Hammers, CEO of the Group, in the presence of a number of officials from both sides.
The signing of the memorandum comes in line with the main mission of the Investment Promotion Agency to work on developing the financial services sector in the country by attracting leading global institutions.
This memorandum outlines a preliminary framework agreement to establish a center for the “UBS” wealth management group in Doha, in addition to strengthening cooperation between them on available future opportunities that will cement Qatar’s position as a leading global center for financial services.
The memorandum of understanding stipulates that the two parties negotiate in order to reach a final agreement, to be adhered to, regarding the common strategic markets.
In addition to strengthening the infrastructure for the financial services market in Qatar, the Memorandum of Understanding signed between the Investment Promotion Agency and the UBS Banking Group will accelerate the digitization of financial operations in the country, enhance effective cooperation between financial markets internationally and develop national competencies.
It is noteworthy that the Investment Promotion Agency, established in 2019, aims to pave the way for investors to enter the Qatari market and diversify the national economy to be one of the most prosperous economies in the world.
In order to achieve this, the agency acts as a gateway to provide the most appropriate investment solutions in the State of Qatar, with a focus on supporting the ambitious goals of investors, and accelerating the growth of their business, in line with the national strategy for foreign direct investment and the goals of national economic development.