QFMA CEO chairs 28th Meeting of GCC Heads of Capital Market Authorities Committee

Doha, Qatar: Dr. Tamy Bin Ahmad Al Binali, CEO of Qatar Financial Markets Authority (QFMA), chaired the 28th Meeting of the GCC Heads of Capital Marke...

Doha, Qatar: Dr. Tamy Bin Ahmad Al Binali, CEO of Qatar Financial Markets Authority (QFMA), chaired the 28th Meeting of the GCC Heads of Capital Market Authorities (or their equivalent) Committee, emanating from the Ministerial Committee of the GCC Financial Markets., which was hosted by QFMA yesterday at the Sheraton Doha Grand Hotel.

QFMA was represented at the meeting by an official delegation.

In his opening speech at the meeting, Dr. Al Binali said that the financial markets are a mirror of the economy, as well as a major pillar of economic growth and a major financing channel, which requires continuous attention to enhancing their effectiveness and ensuring their stability and development, which is reflected in their ability to carry out the goals entrusted to them, especially at the present time and the rapid developments in the region at the level of financial technology and artificial intelligence and at the level of political conflicts, especially with regard to the new developments that put our financial markets are under tremendous pressure and threaten their stability and increase the levels of risks surrounding them.

Dr. Al Binali added: “as the GCC countries are facing all these developments, it is imperative for the financial markets authorities to work collectively and enhance cooperation and solidarity among them in order to reduce the impact of the risks associated with these developments on our GCC financial markets, as the greatest burden at this stage falls on the regulators in order to work hard to develop effective foundations to ensure the containment of these risks and regional fluctuations, which is a key objective of this meeting.

He affirmed that digital transformation and technological innovation have become a mandatory and irreversible path in various aspects of economic activity, which necessarily applies to the financial markets, demanding to keep pace with this transformation, and benefit from it to the highest possible degree, in a way that enhances its supervisory capacity and enables it to apply the principles of governance and sustainability, commitment to transparency of trading and access to high-quality data, as well as adherence to the best regulatory standards and practices with regard to electronic disclosure and other regulatory solutions.