Qatar Financial Centre Authority (QFCA) has held a meeting with Qatar Lawyers' Association (QLA) to discuss a number of concerns and address any misconceptions regarding QFC law and QFC licensed law firms.
"Our most recent meeting cemented our positive relationship with the QLA and we look forward to continuing our discussions and dialogue with them on a number of important matters," QFCA said in a press release.
"QFC believes in the strength and potential of the legal market in Qatar. We have continually taken a leadership position on meeting the future needs of Qatar's growing legal, financial and business landscape. The 23 registered law firms within the QFC have played a vital role in developing the market for legal advice in Qatar, after satisfying many conditions and strict criteria to receive a QFC license as stipulated by QFC law, regulations and rules," the statement added.
The authority said that, after consideration of the local legal market, it has decided that there are sufficient QFC law firms to meet the current local market demands. However, it added that "this position is subject to some exception and may change in the future depending on the market and other factors." "Our focus continues to be supporting Qatar's economic diversification and we will continue to engage with all relevant groups," it added.
Established in 2005, QFC is an onshore center that provides a platform for domestic, regional and international growth. As QFC's commercial and strategic arm, QFCA develops and ensures compliance with QFC regulations, administers key QFC office functions and deals with applications from non-regulated organizations.