Maldives, Qatar Financial Centre sign MoU for onshore financial hub
The MOU outlines several areas of cooperation between the Maldives economic ministry and QFC, focusing on knowledge exchange and capacity-building efforts.
Maldives on Monday entered into a Memorandum of Understanding (MOU) with the Qatar Financial Centre (QFC), an onshore financial and business hub in the region.
The MOU outlines several areas of cooperation between the Maldives economic ministry and QFC, focusing on knowledge exchange and capacity-building efforts.
QFC will conduct regular knowledge-sharing sessions with a particular emphasis on financial management, regulatory frameworks, and operational strategies, all of which align with the vision of President Mohamed Muizzu to establish a world-class financial centre in the Maldives. The partnership also seeks to bolster economic resilience in the Maldives through enhanced knowledge and operational guidance.
Mohamed Saeed, Minister of Economic Development and Trade, commented on the agreement, stating, “This MOU is a significant step towards establishing a robust international financial centre as envisioned by President Dr Muizzu. We are confident that our collaboration with QFC will provide invaluable insights and support.”
In addition to knowledge-sharing, QFC will facilitate networking opportunities for the Maldives, linking MEDT with financial institutions, regulatory bodies, and industry experts. According to the ministry, this networking is anticipated to foster partnerships essential for building a strong foundation for a financial centre in the Maldives.
Yousuf Mohamed Al-Jaida, Chief Executive Officer of QFC, shared his perspective on the alliance, saying, “We are honoured to forge this strategic alliance with the Ministry of Economic Development and Trade in the Maldives. This partnership underscores our dedication to fostering lasting networks with global financial institutions and supports our aim to build a sustainable financial ecosystem that drives economic prosperity.”
QFC has been promoting Qatar as a business and commercial hub since 2005 and has since attracted over 2,200 firms, contributing significantly to Qatar’s economic diversification. The ministry noted that this partnership not only leverages QFC’s expertise and the ministry's strategic vision but also strengthens the diplomatic relationship between Qatar and the Maldives.
According to the ministry’s statement, the MOU is expected to yield economic benefits for both countries, enhancing cooperation and promoting mutual growth through the combined efforts of QFC and the ministry.
