The Qatar Financial Centre (QFC) has confirmed the signing of a memorandum of understanding (MoU) between the Investment Promotion Agency of Qatar (IPA Qatar) and global wealth manager UBS.
In line with IPA Qatar’s mandate to bolster the country’s financial services sector, the MoU is an agreement in principle for establishment of a UBS Wealth Management operation in Doha and collaboration on future opportunities.
In addition to strengthening the financial services market in Qatar, the IPA Qatar-UBS MoU will “support the acceleration of financial digitisation in Qatar, enhance efficient interaction between financial markets internationally, and support local talent development”.
The Zurich-based private bank’s chief executive Ralph Hamers and chairman Axel Weber signed the MoU with Qatar’s minister of commerce and industry, Ali Al Kuwari.
A UBS spokesperson said the bank plans to open the Qatar office during the first half of 2021.
Qatar businesses
Launched in 2019, IPA Qatar, which is registered in the QFC platform, aims to “smooth the way for investors’ journeys to business success in Qatar”, while diversifying the economy.
QFC 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 and 100% repatriation of profits.
Companies also pay 10% corporate tax on locally sourced profits and a double taxation avoidance agreement network with 81 other countries.
