Is that why they're ganging up against it? Qatar retains top financial grade in the Gulf
The latest Global Financial Centres Index, GFCI 15, covering 83 financial centers, showed Qatar’s rating rose by 15 points, mainly driven by its increasing competitiveness and perceived significance as a financial center. The index saw the ratings of Bahrain, Riyadh and Abu Dhabi in the region also increase. However, Qatar maintained its leading position.
The latest GFC Index was published Monday by the London based Z/Yen Group.
Professor Michael Mainelli, Executive Chairman of the Z/Yen Group, said: “The immediate story of GFCI 15 is that New York City overtakes London. But that misses the bigger picture as Hong Kong and Singapore continue to gain against both traditional leaders. In the GCC, Qatar, Bahrain, Riyadh and Abu Dhabi all increase their ratings. Yet in Europe, 23 of 27 European centers decline. Financial center leadership is increasingly uncertain in a world of feeble monetary systems.”
Shashank Srivastava, CEO and Board Member of the QFC Authority, added: “I am delighted that Qatar has again been recognized as the leading financial center in the GCC. The GFC Index, which is published twice a year, is a highly relevant and recognized indicator reflecting the views and opinions of executives from all over the world. Qatar’s position and rise in the ratings reflects how well the economy is performing, the competitive business environment and the world class legal, regulatory and tax platform the Qatar Financial Centre offers all firms to grow their businesses in Qatar and the broader GCC region.”
GFCI 15 uses 25,441 financial center assessments completed by 3,246 financial services professionals. The GFCI is updated regularly and ratings change as assessments and instrumental factors change.
Meanwhile, Qatar Exchange Chief Executive Officer (CEO) Rashid bin Ali Al Mansoori reiterated the imperative of capacity-building of its directors and senior executives to provide better services to shareholders, investors and spur Qatar’s economy.
The CEO said this at the conclusion of training program on developing leadership and strategic planning organized by QE in collaboration with British consulting firm Teamwork International Inc