Swiss firm Credit Suisse to set up Global Tech Innovation Center in Qatar

By Shilpa Annie Joseph, Official Reporter
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Switzerland-based leading financial services company Credit Suisse is establishing a Global Technology Innovation Center in Doha, which will focus on developing local talent and supporting innovation research and development via specialized programs.

The establishment of the center comes as part of a memorandum of understanding (MoU) between the Qatar Investment Promotion Agency (IPA Qatar) and Credit Suisse. The MoU was signed by Sheikh Ali Alwaleed al-Thani, chief executive at IPA Qatar, and Mr. Thomas Gottstein, chief executive of Credit Suisse Group.

The proposed Global Technology Innovation Center in Doha will serve as a knowledge repository and a resource pool for numerous Credit Suisse business divisions.

The MoU intends to strengthen the financial services sector by supporting Credit Suisse’s business expansion in Qatar and the wider Middle East. IPA Qatar will assist the Swiss bank in expanding its onshore footprint in the market, according to the terms of the deal.

The IPA Qatar oversees investment promotion activities under the Invest Qatar brand and serves as the country’s umbrella organization for attracting foreign direct investment (FDI).

The new alliance paves the way for future collaborations between IPA Qatar and Credit Suisse across other fast-growing sectors, such as financial technology, and significantly expands its footprint in Qatar to serve regional and international markets.

Established in 1856, Credit Suisse Group is a global investment bank and financial services firm. The company, which operates in more than 50 countries, has been actively developing its business in Qatar since its branch opened in 2006 on the Qatar Financial Centre (QFC) platform.

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