An agreement between UBS and IPA Qatar comes as part of the Swiss bank’s plans to increase its Middle East and Africa assets.
Swiss multinational investment bank, UBS, signed an agreement with the Investment Promotion Agency of Qatar [IPA Qatar] to establish a wealth management operation in Doha.
The Zurich-based bank’s CEO Ralph Hamers and Chairman Axel Weber signed the Memorandum of Understanding [MoU] with Qatar’s Minister of Commerce and Industry, Ali Al Kuwari.
The agreement is part of its strategy to double UBS’ assets in the Middle East and Africa.
It also opens the door for further collaborations on future opportunities supporting the development of Doha as a leading financial services hub.
“In addition to strengthening the financial services market infrastructure in Qatar, the IPA Qatar-UBS MoU is expected to support the acceleration of financial digitisation in Qatar, enhance efficient interaction between financial markets internationally, and support local talent development,” said Qatar Financial Centre [QFC] in a statement.
Launched in 2019, IPA aims to open doors for investors to boost Qatar’s business success while transforming and diversifying its economy.
QFC allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership and 100% repatriation of profits.
Companies also pay 10% corporate tax on locally sourced profits and an extensive double taxation avoidance agreement network with 81 other countries.