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Jersey Promotes Financial Services In Qatar, Saudi Arabia

by Lorys Charalambous, Lowtax.net, Cyprus
09 May, 2014

Jersey's Treasury and Resources Minister, Philip Ozouf, has visited Qatar and Saudi Arabia as part of an ongoing program to develop Jersey's business and political links with the region.

The visit comes after Jersey's Chief Minister Ian Gorst recently led a delegation to the United Arab Emirates, and witnessed the signing of a Memorandum of Understanding with the Emirates Securities and Commodities Authority, which is intended to further develop regulatory links between Jersey and the Gulf as well as to strengthen economic ties.

Ozouf was accompanied by the Deputy CEO of Jersey Finance, Richard Corrigan. The delegation met with senior representatives from the financial services industry in Qatar. Ozouf also met with the Qatari Minister of Finance, Ali Shareef Al-Emadi, for the third time since October 2013, as well as Ahmed bin Jassim bin Mohammed Al-Thani, Minister of Economy and Commerce.

Ozouf said: "When the Government of Jersey's financial services policy framework was launched just a matter of weeks ago, I reiterated our commitment to supporting and enabling the continued growth and diversification of the island's financial services industry. Mine and the Chief Minister's visits to the Gulf region this week is proof that we are prepared to make good on that commitment. Qatar is a significant outbound and UK investor, and discussions during my visit focused on the desire to further strengthen economic and financial ties between Jersey and the State of Qatar."

Ozouf spoke at the Euromoney Saudi Arabia conference and met with Saudi Minister of Finance, Ibrahim bin Abdulaziz Al-Assaf. He said: "The Kingdom of Saudi Arabia, as well as being an important member of the G20, is a strong economic force in the Gulf region. This is the first time that a Jersey minister has been able to represent the Island at a prestigious event in the country, and as a result of this speech and media interviews given afterwards, we have significantly raised Jersey's profile in the country. We look forward to strengthening relations with the Saudi Government and business community."

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