QFC has entered into a memorandum of understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA), which is responsible for long-term planning, promotion of new growth centres, implementation of strategic projects and financing infrastructure development in Mumbai.
The agreement would also provide a host of benefits to the QFC including support to QFC efforts in promoting Fintech in Qatar as this is a growing area in Mumbai, attracting substantive companies with a track record of foreign direct investment and employment creation in the Middle East and establishing Msheireb as Qatar’s pre-eminent financial and commercial destination.
The MoU was signed by QFC Authority chief executive Yousuf Mohamed al-Jaida and metropolitan commissioner, MMRDA, UPS Madan in Doha in the presence of the Indian ambassador P Kumaran.
“This agreement helps bring together two regional powerhouses to ensure the continued development of the Menasa (Middle East, North Africa and South Asia) region, and further the importance of ties between Qatar and India,” al-Jaida said.
The QFC’s support in helping transform Mumbai into a financial hub is clear and evident proof of its success as a platform in transforming a city (Doha) to a financial global hub, he added.
“The MoU signed today with QFC strengthens the cooperation between India and Qatar and will facilitate mutually beneficial developments of the financial services industry in both countries. We look forward to working with the QFC and their team to advance the financial developments in both countries through joint initiatives,” Madan said.
The MMRDA looks forward to working more closely with the QFC to share expertise in international financial services activities, and facilitate contacts for market operators, university institutions, and financial delegations, he added.
Qatar and India cooperate in a diverse number of sectors, over the past few years the two countries have signed seven agreements such as MoUs for investment in National Investment and Infrastructure Fund of India; for Financial Intelligence Unit – India (FIU-IND) and the Qatar Financial Information Unit (QFIU); for cooperation in skill development and recognition of qualifications; for cooperation in the field of health; agreement on cooperation and mutual assistance in customs matters; on tourism cooperation and first executive programme for MoU in the field of youth and sports.
