IPA Qatar deal with Credit Suisse seeks to bolster financial services sector
MoU entails establishment of Global Technology Innovation Centre in Doha
THE Investment Promotion Agency (IPA) Qatar and Credit Suisse jointly announced the signing of a Memorandum of Understanding (MoU) on Thursday. The deal aims to further bolster the financial services sector by accelerating the business growth of Credit Suisse in Qatar, and the wider Middle East region.
According to the terms of agreement, IPA Qatar will support the Swiss bank in deepening its onshore footprint in the market. Additionally, the MoU entails the establishment of a Global Technology Innovation Centre in Doha, which will act as a repository of knowledge, and as a resource pool for multiple business areas within Credit Suisse.
The centre is expected to develop local talent, and support innovation research and development through specialized programmes.
The new partnership also paves the way for future collaborations between IPA Qatar and Credit Suisse across other fast-growing sectors, such as financial technology.
In the presence of Minister of Finance HE Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry and Chairman of IPA Qatar HE Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani and Credit Suisse AG Chairman Sir Antonio Horta-Osorio, the MoU was signed by IPA Qatar CEO Sheikh Ali Alwaleed Al Thani and Credit Suisse Group CEO Thomas Gottstein.
The signing ceremony was attended by Yousuf Al-Jaida, CEO, Qatar Financial Centre (QFC); Eric Varvel, Chairman of the Board, Credit Suisse Qatar; Bruno Daher, CEO Middle East, Credit Suisse AG; Aladdin Hangari, CEO, Credit Suisse Qatar and CEO, Aventicum Capital Management; and Patrick D’Amico, Strategic Client Partner, Credit Suisse AG.
Operating in more than 50 countries around the world, the Credit Suisse Group has been actively expanding its operations in Qatar since they launched their branch in 2006 via QFC platform.