Morgan Stanley (NYSE: MS) announced today that it had received a license from the Qatar Financial Centre Regulatory Authority to operate as an authorised firm in the Qatar Financial Centre (QFC).

"We are delighted to have received this license from the Qatar Financial Centre Regulatory Authority," said Dr Georges Makhoul, Morgan Stanley's President for the Middle East and North Africa region. "Qatar is a key market for us as we grow our business in the region and the QFC's robust regulatory framework and infrastructure will provide us with an excellent environment in which to build our business and deliver solutions to our clients. We are very much looking forward to working with the QFC and helping to create a thriving financial centre in Qatar."

Stuart Pearce, CEO and Director General of the Qatar Financial Centre Authority, commented, "We welcome an organization of the international stature of Morgan Stanley in the Qatar Financial Centre. Their wish to obtain a license to operate here underscores the attraction of what the QFC offers, and the opportunities available in Qatar. With their stated commitment to redefine the meaning of financial services for their clients, Morgan Stanley demonstrate the same determination as the QFC to introduce change and best practice where it will benefit the community as a whole. They will undoubtedly make a significant contribution to the range and quality of financial services available to individuals, firms and institutions in Qatar."

Morgan Stanley has been active with clients in the Middle East region since the 1970s and is currently implementing its strategy of deploying the Firm's comprehensive resources to the region through the establishment of a network of offices.

The Firm expects to open its office in Qatar by the end of 2006 through which it intends to offer a wide range of services, including investment banking, capital markets, sales and trading and commodities.

Morgan Stanley is a global financial services firm and a market leader in securities, investment management and credit services. With over 600 offices in 30 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.

Note to Editors:

Morgan Stanley in the Middle East
Morgan Stanley has been active in the Middle East region since the 1970s, providing a variety of investment banking, asset management and wealth management services. Recent transactions in the region include:

• Acted as Global Coordinator and Sole Structuring Advisor for the issuance of $1.55bn Notes for the Egyptian General Petroleum Corporation (EGPC)
• Acted as Joint Bookrunner for €4.8bn accelerated bookbuild offerings for KPC's Sanofi-Aventis shares in two separate transactions
• Created a consortium for Saudi Oger in its $6.55bn acquisition of the 55% stake in Turk Telecom
• Acted as Joint Bookrunner for Mashreqbank's two Floating Rate Notes offerings totalling $625MM
• Lead managed $500MM Floating Rate Note offering for Emirates Bank
• Acted as Joint Global Coordinator for the IPO of Kingdom Hotel Investments (KHI)

Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.

QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorisations.

QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.