Celebrating National Day comes amid numerous successes, gains across various fields: QFMA CEO

CEO of the Qatar Financial Markets Authority (QFMA) Dr Tamy bin Ahmed al-Binali emphasised that celebrating Qatar National Day has many meanings to consider regarding the ongoing path of giving and continuous achievements in the country.

He said that there is no doubt that this year's National Day celebrations come amid the numerous successes and gains achieved by Qataris in various fields under the wise leadership of His Highness the Amir Sheikh Tamim bin Hamad al-Thani and with the co-operation of all state agencies and institutions in all sectors, and the efforts of the loyal citizens and residents of the homeland.

Dr al-Binali pointed out that with strong will and unwavering determination, the rulers of the State of Qatar were able to preserve the approach of its founder, Sheikh Jassim bin Mohammed bin Thani, in consolidating the entity of the state and preserving the values and principles he established. This foundation provides us with all the reasons for strength, pride and honour, and which will undoubtedly remain a beacon and a compass for us, in which we derive strength to move forward with steadfastness and success, he added.

Speaking to Qatar News Agency (QNA) on the occasion of National Day, QFMA CEO considered National Day as an embodiment of Qatar's prosperous journey between a long history, a genuine past and a flourishing future. It is also a tribute to the rulers of the State of Qatar, who contributed to building this country and establishing its pillars that carried it to safety, and formed the main pillars of its renaissance, modernity and leadership in many fields as we witness today, he added.

He pointed out that the QFMA continued its efforts during the past year to achieve the highest levels of development for the financial sector in the country, enhanced the process of advancing and improving the performance of the Qatari capital market, consolidate its stability and protect its dealers.

The measures and steps taken by QFMA to develop the capital market in Qatar during the past period had clear and direct positive effects on the Qatar Stock Exchange (QSE), which was able to achieve a great leap, Dr al-Binali added.

QFMA CEO said that the Authority launched its third strategic plan for 2023-2027 the year before, as well as issuing new controls for distributing profits in the financial markets. Under these controls, public shareholding companies listed on the QSE were allowed to distribute profits to shareholders on a phased basis of 3 or 6 months or annually, as is currently the case. These companies were also obligated to a specific period that must not be exceeded for distributing profits.

The Authority also launched the one window electronic portal, which aims to facilitate the procedures for offering and listing securities, and provide many advantages to companies linked to the capital market.

Dr al-Binali stressed that QFMA is continuously working to update its existing plans and develop new ones in order to keep pace with all developments in the field of its work and activities, in addition to following up and implementing its own projects in a way that meets its needs and contributes to achieving its strategic objectives.

In the field of complaints management, the Authority is working on developing electronic systems for receiving complaints to become integrated. In the field of licensing, QFMA began reviewing and amending the issued legislation and introducing new legislation to ensure that it keeps pace with developments in current financial markets, so that it reflects the best international practices and is consistent with the local market, he added.