(LAWFUEL) – Clyde & Co LLP has advised the world’s largest insurance broker, Aon, on its authorisation to operate in Qatar by the Qatar Financial Centre Regulatory Authority (QFCRA), in a move that is seen as significant in the Qatar market.
Clyde & Co partner Wayne Jones, assisted by Senior Associate Caroline Jaffer, advised Aon throughout the authorisation process. Clyde & Co is the largest international law firm in the GCC with over 130 lawyers and paralegals working as a single unit across offices in Doha, Abu Dhabi and Dubai.
Wayne Jones said of Aon’s entry into the market: “Aon’s authorisation in Qatar is another important milestone for the QFC and the Qatar insurance market. The QFC presents the ideal environment for intermediaries, historically thin on the ground in Qatar, to contribute to a rapidly developing financial services market. We are pleased to have been involved in assisting Aon with this process. It also marks an important development for the Qatar insurance market to have the world’s largest insurance broker establish a presence in Qatar, adding to the growing insurance industry in the State.”
Latif AlRayes, CEO of Aon Middle East agreed: “The Middle East, and in particular to Qatar, will be one of the fastest-growing regions in the world over the next few years. High oil prices have opened up the opportunity to exploit untapped energy sources and the increasing emphasis on natural gas has prompted massive investments in natural resources and infrastructure projects. This coupled with strong demographic growth in the region is increasing demand for insurance. The region is therefore of great strategic importance and Aon recognises the importance of being a leader of the market.”
Aon’s QFCRA authorisation follows hot on the heels of the opening of Aon’s regional headquarters in the Dubai International Finance Centre (DIFC) last month. Aon was also one of the first international brokers to be awarded a licence by the Saudi Arabian Monetary Authority in May.
The authorisation by the QFCRA adds to Aon’s extensive network of operations in the Middle East including operational offices in the UAE (Dubai, Sharjah, Abu Dhabi), Saudi Arabia (Riyadh, Jeddah, Al Khobar), Bahrain and Oman (Muscat, Salalah) and developing offices in Kuwait.
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Notes to editors:
Clyde & Co:
Middle East: Clyde & Co is the largest international law firm in the GCC with over 130 specialist lawyers and paralegals operating as a single unit from offices in Dubai and Abu Dhabi in the UAE, and in Doha, Qatar.
The firm, which has been ranked in 2008 as the top law firm in the UAE for the fourth successive year by the international legal directory ‘Legal 500’, is one of the few law firms in the region with a ‘full service’ capability and has particular strengths in aerospace, banking & finance, cross-border trade & investment, intellectual property, international arbitration, trade disputes, mergers & acquisitions, corporate & commercial law, shipping, insurance, media & telecommunications, energy, capital markets, real estate & construction, and technology.
International offices: Clyde & Co is a leading international law firm with over 1,200 employees worldwide. The firm has offices in Abu Dhabi, Caracas, Doha, Dubai, Guildford, Hong Kong, London, Moscow, Nantes, New York, Paris, Piraeus, Rio De Janeiro, San Francisco, Shanghai and Singapore and associate offices in Belgrade and St Petersburg. The firm also has an exclusive co-operation agreement with a major law office in Iraq.
For further information about Clyde & Co in the Middle East please contact
Clinton Swan – Business Development & Marketing Manager (Middle East Region)
Clyde & Co
Tel: +971 4 312 8568
For further international information about Clyde & Co internationally please contact
Lisa Mercer – Head of Communications, London
Clyde & Co
Tel: +44 (0)20 7648 1981