QFMA was recently established to be an independent Capital Markets Authority with a mandate (i) to regulate and supervise the Stock Exchange, as well as the securities industry and associated activities, and (ii) to implement a new regulatory framework for the capital markets and the securities industry, based on best practices of Market regulation and inline with international standards. By enforcing best international standards of market regulations on the market different players, we intend to reduce the market systemic risk and most importantly foster investor confidence and trust in the Qatari Capital Markets.

This initiative was not an isolated project but rather part of holistic strategy of the Government to conduct fundamental reform of the legal& regulatory infrastructure in order to provide for a safe and sound investment environment in Qatar, in line with the international standards as well as the new global positioning of our country. Qatar has set itself the lofty goal of achieving excellence in everything it does.We have seen it demonstrated in many of the initiatives conducted recently in Qatar both by the government and rivate players. And as a Qatari national, it is needless to say that I am especially proud of these series of success.

It is this vision of excellence in mind that QFMA was established, to be an internationally recognized independent regulator of the Qatari Capital Markets, and with the primary goal of ensuring market integrity and transparency through impartial monitoring and independent regulation.

And I recall here an extract from the speech of His Highness Sheikh Hamad bin Khalifa Al-Thani, at the opening of the 34th Ordinary Session of the Advisory council, 11th October 2005, I quote:

"The legislation relating to Qatar Financial Markets Authority and Doha Securities Market Company has been issued to strengthen the confidence in the system of dealings in these securities and provide guarantees for their holders."

In this sense, we have spent the first year of QFMA establishment in (i) developing a new regulatory framework to support the tremendous growth of recent years, and foster investor confidence in the Market, and (ii) resourcing the Authority and providing for the necessary arrangements to implement this new framework, and enable QFMA to conduct proper market surveillance and adequate supervision.

By adopting international standards for laws, regulations and operations, our objective is to strengthen the market institutions and develop a sound investment and trading environment that will provide for proper risk mitigation to all type of market participants, and most importantly to the investing community. We see no reason why should our markets be any different from the developed markets with regards to market regulation and monitoring. The growth prospects in the GCC markets are by far higher than other emerging economies. If supported by a proper market regulation based on transparency and integrity, our markets should be able to enjoy a sustainable growth and develop a very strong practice in the financial services area.

Finally, I would like to invite you to share with us your thoughts, suggestions and ideas that are relevant to our responsibilities and to the development of the Qatari Capital Markets, and conclude by sharing with you with these words written over 400 years ago but I believe are most appropriate to our undertakings:

“The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we achieve it.”

Thank you very much,

Nasser Al-Shaibi,
Deputy CEO
November 2007