Qatar maintains top financial centre ranking in GCC

March 17, 2014 - 11:25:37 am

DOHA: The latest Global Financial Centres Index (GFC Index 15) ranks Qatar as the top financial centre in the GCC.

London based Z/Yen Group put out the index today.

It covers 83 financial centres, according to a Qatar Financial Centre Authority (QFCA) agency news release Monday.

Qatar's rating went up by 15 points due to increasing competitiveness and perceived significance as a financial centre.

Bahrain, Riyadh and Abu Dhabi index ratings increased too. However, Qatar maintains its leading position.

Z/Yen Group Executive Chairman Professor Michael Mainelli said, "In the GCC, Qatar, Bahrain, Riyadh and Abu Dhabi all increase their ratings.

"New York City overtakes London in GFC Index 15 rating. Hong Kong and Singapore continue to gain against both traditional leaders. In Europe, 23 of 27 European centres decline. Financial centre leadership is increasingly uncertain in a world of feeble monetary systems."

QFCA Board Member and CEO Shashank Srivastava said, "I am delighted Qatar continues as the leading financial centre in the GCC.

"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."

The GFC Index reflects views and opinions of executives from all over the world. Z/Yen Group publishes it twice a year.

GFCI 15 uses 25,441 financial centre assessments made by 3,246 financial services professionals.

The GFCI updates regularly. Ratings change as assessments, and instrumental factors change. (QNA)