industrial corporations working with Qatar, either in the energy sector or in infrastructure development.
Qatar s increasingly sophisticated international economic and business relations prompted BNP Paribas to choose the country as its regional base for the Global Trade Solutions (GTS) business line. The business is responsible for delivering an extensive range of trade products, structured trade and supply chain management solutions for the Bank s corporate clients. The demand for such services is expected to grow rapidly in the coming years as the Qatar government implements its infrastructure construction programme and companies require greater access to project-related and working capital facilities, either on an unfunded or funded basis.
Speaking at celebrations for BNP Paribas 35th anniversary in Qatar, H.E. Sheikh Abdulla bin Saoud Al-Thani, Governor of the Qatar Central Bank, highlighted how the Bank was working closely with Qatar as the economic environment changed rapidly: At the Qatar Central Bank, we re working proactively on adjusting the regulations to meet the growing demands and evolving infrastructure needs of the financial sector. As we celebrate with BNP Paribas Qatar their 35th anniversary, we are pleased to notice their growth and continuous contribution to clients needs and the development of our country.
Today, BNP Paribas is proven as a resilient global bank with an on-the-ground presence in all major markets listening to its clients and matching their constantly growing and changing needs. These traits were recognised in 2012, when BNP Paribas was awarded the Bank of the Year award by IFR, a prominent Thomson Reuters finance publication.
Planning for the future
Qatar s National Vision 2030, its strategy for development is structured around four pillars: economic, social, human and environmental development.
As part of its economic diversification efforts, the country is developing a vibrant financial services industry based in the Qatar Financial Centre (QFC), which is aiming to be the pre- eminent hub in the region for three core markets asset management, reinsurance and captive insurance. The QFC Authority is now acting as an effective enabler of these three hubs in addition to supporting the broader development of the financial services sector, including banking and capital markets, issuing over 175 licenses since 2005.
The evolving partnership between Qatar and BNP Paribas, which is committed to both economic growth and human development, was highlighted by Baudouin Prot, Chief Executive Officer, BNP Paribas, during a visit to the country in May 2011: The Bank has a longstanding commitment to Qatar , he said, where we have been supporting major development projects. I have been privileged to meet with His Highness the Emir, and His Excellency the Prime Minister, to discuss the National Vision 2030 and future
165F I V E C O M M I T T E D PA R T N E R S H I P S