The emirate of Qatar has established the Qatar Financial Center (“QFC”), with the objective of creating a finanicial platform, to rival the Dubai International Financial Center, and to ultimately attain the same standing as New York, London and Hong Kong.  Time shall tell whether the QFC attains that status, but legislative intent establishing a “financial center” alone will not make this idea come to fruition.  New York, London and to a somewhat lesser degree, Hong Kong, have all attained their prominent standing as financial power houses, through very broad and commercially liberal legislative provisions, co-joined with strong constitutionally entrenched rights, particularly as they relate to the protection of property.  The question of whether a state that remains an absolute monarchy can provide the required broad based and liberal commercial laws and the necessary constitutionally enshrined rights to property, necessary to establish a world class financial center, remains an open question.

The Peninsula – Special rights of Qatar Financial Center