Qatar’s QFC & AIFC to develop and strengthen legal service regulations

By Shilpa Annie Joseph, Desk Reporter
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QFC
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The Qatar Financial Centre (QFC) has signed a Memorandum of Understanding (MoU) with Astana International Finance Centre (AIFC) in order to establish cooperation in further developing legal services between both entities.

Kazakhstan-based AIFC is a financial hub for Central Asia, the Caucasus, Eurasian Economic Union (EAEU), the Middle East, Western China, Mongolia, and Europe.

Through this MoU, both parties will facilitate the exchange of information on professional ethics and training, foster a close relationship and create opportunities for professional interaction among their respective legal communities.

Nasser Al Taweel
Nasser Al Taweel
Deputy CEO & Chief Legal Officer
QFC

“We are delighted to partner with AIFC and embark on this journey that will allow both financial centers to strengthen legal services in their respective capacities. We believe this opportunity presents a rich knowledge-sharing platform to nurture and cultivate young talent within the legal community. This collaboration reinstates the QFC as a significant contributor to Qatar’s socioeconomic growth by supporting the development of local talent in the region.”

The agreement will encourage ongoing and effective dialogue on the regulation of foreign lawyers in their respective jurisdictions and promote sharing of best practices, identifying barriers, and enhancing mutual understanding.

Mr. Nurzhan Kosbayev, Deputy Chairman of the Management Board, AIFC, said that, “We are very pleased to know more about the QFC experience on regulating legal services market, since recently, in May 2022, we have introduced the regime for regulation of the legal profession in the AIFC.”

“We are keen to give an opportunity to law firms from Qatar and Kazakhstan to work closely and exchange the experience in financial centers,” Mr. Kosbayev further added.

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