QFC AND AIFC SIGN MOU TO MUTUALLY DEVELOP AND STRENGTHEN LEGAL SERVICE REGULATIONS

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Doha – Qatar: Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, and Astana International Finance Centre (AIFC) signed a Memorandum of Understanding (MoU) to establish cooperation in further developing legal services between both entities.

Through this MoU, both parties will facilitate the exchange of information on professional ethics and training, foster a close relationship and create opportunities for professional interaction among their respective legal communities.

Signed by Nasser Al-Taweel, Deputy Chief Executive Officer & Chief Legal Officer, QFC, and Nurzhan Kosbayev, Deputy Chairman of the Management Board, AIFC Authority, the agreement will encourage ongoing and effective dialogue on the regulation of foreign lawyers in their respective jurisdictions and promote sharing of best practices, identifying barriers, and enhancing mutual understanding.

Nasser Al-Taweel, Deputy Chief Executive Officer & Chief Legal Officer, QFC said: “We are delighted to partner with AIFC and embark on this journey that will allow both financial centres to strengthen legal services in their respective capacities. We believe this opportunity presents a rich knowledge sharing platform to nurture and cultivate young talent within the legal community. This collaboration reinstates the QFC as a significant contributor to Qatar’s socioeconomic growth by supporting the development of local talent in the region.”

Nurzhan Kosbayev, Deputy Chairman of the Management Board, AIFC, said: “We are very pleased to know more about the QFC experience on regulating legal services market, since recently, in May 2022, we have introduced the regime for regulation of the legal profession in the AIFC. We are keen to give opportunity to law firms from Qatar and Kazakhstan to work closely and exchange the experience in financial centers.”

ABOUT THE QATAR FINANCIAL CENTRE

The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits. The QFC welcomes a broad range of financial and non-financial services firms.