Qatar retains position as GCC’s top ranked financial centre
19 March 2014
Category: News, Middle East
By Asia Asset Management
The latest Global Financial Centres Index, GFCI 15, which covers 83 financial centres, was published on March 19 by the London-based Z/Yen Group. The index ranks Qatar as the top financial centre amongst Gulf Cooperation Council (GCC) countries.
Qatar’s rating rose by 15 points, mainly driven by its increasing competitiveness and perceived significance as a financial centre. The index saw the ratings of Bahrain, Riyadh and Abu Dhabi in the region also increase. However, Qatar maintained its leading position.
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 increased their ratings. Yet in Europe, 23 of 27 European centres decline. Financial centre 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 recognised as the leading financial centre in the GCC. The GFC Index, which is published twice a year, is a highly relevant and recognised 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 centre assessments completed by 3,246 financial services professionals.