Doha, November 01 (QNA) - The Investment Promotion Agency of Qatar (IPA Qatar), which is licensed on the Qatar Financial Centre (QFC) platform, signed on Sunday a Memorandum of Understanding (MoU) with UBS Group, the worlds preeminent global wealth management firm and a leading financial services provider, in the field of wealth management and financial services.

The MoU was signed by HE Minister of Commerce and Industry and Chairman of IPA Qatar Ali bin Ahmed Al Kuwari, and for UBS by Group Chairman Axel Weber and Group CEO Ralph Hamers, in the presence of officials from both sides.

In line with IPA Qatars mandate to bolster Qatars financial services sector by attracting leading institutions, the MoU sets forth a preliminary agreement in principle for establishment of a significant UBS Wealth Management operation in Doha and collaboration on future opportunities supporting the development of Doha as a leading financial services hub. The MoU also contemplates that IPA Qatar and UBS will negotiate and execute a definitive agreement in relation to mutually strategic nexus markets.

In addition to strengthening the financial services market infrastructure in Qatar, the IPA Qatar-UBS MoU is expected to support the acceleration of financial digitization in Qatar, enhance efficient interaction between financial markets internationally, and support local talent development.

Launched in 2019, the Investment Promotion Agency (IPA) of Qatar, which is registered in the QFC platform, aims to smooth the way for investors journeys to business success in Qatar, while transforming and diversifying one of the worlds most prosperous economies. To this end, the Agency acts as a gateway to all investment solutions in Qatar, with a focus on advancing ambitious investors goals and accelerating their growth, in line with the nations FDI roadmap and economic development goals. (QNA)