New QFC firms will be able to operate from there starting mid-2017. Existing firms can decide to migrate then, or starting 2018. This relocation will serve as a foundation for Qatar’s new financial city.
"Unlike other financial zones in the region, this new financial city will be open to all businesses, local and international and will not be exclusively restricted to QFC licensed firms. As such, it will be closer to other international financial and business districts. The mixed-use development will comprise more than 100 buildings, with a combination of prime commercial and residential properties, retail, cultural and entertainment areas," QFC said on Monday.
Citing the London financial district and 'Wall Street' in New York, QFC chief executive officer Yousuf al-Jaida said, “Now is the strategic time” to create Qatar’s own identity as a financial centre in the region.
“This relocation is part of our commitment to support Qatar in its efforts to diversify national income sources by facilitating the incorporation of new companies in a competitive business environment and helping local companies expand.
“Our move also comes within the framework of our dedicated efforts to cement Doha as a leading financial capital,” al-Jaida said on Monday during a joint press conference with Msheireb Properties.
Al-Jaida said the new financial city will house all QFC entities, including QFC Authority, QFC Regulatory Authority, Qatar International Court and Dispute Resolution Centre, Qatar Finance and Business Academy, and QFC firms.
Speaking to Gulf Times on the sidelines of the event, al-Jaida said QFC’s relocation from West Bay to Msheireb will be implemented in three stages.
“It is a phased out plan and not an overnight relocation. The first phase involves the new companies listed under QFC, and that’s a straightforward solution; all new companies will be setting up directly in Msheireb on a future date.
“The second phase is for existing companies; they will be given a timeframe between a year and three years to move from their current locations to Msheireb. And lastly, the QFC and all its entities will be moving from 2018 all the way to 2019,” he said.
Al-Jaida said the financial city spans around 100,000 to 200,000sqm “depending on the demand” of QFC licensed companies.
But Msheireb Properties CEO Abdulla Hassan al-Mehshadi added that actual area available for QFC exceeds 300,000sqm.
Al-Mehshadi said the QFC’s relocation represents Msheireb Properties' “enduring promise” of enhancing the “economic and financial dynamism” at Msheireb Downtown Doha. The move also revives the history of Msheireb area, which, he said, has always been a major centre of business and trade.
“This designation is further emblematic of our commitment to driving leadership, innovation and excellence through challenging convention and finding new methods of leveraging our developments for the way people and companies live, work, and conduct business in an integrated, enriching, and sustainable mixed-use community,” al-Mehshadi stressed.
Al-Jaida said: “Since QFC’s establishment, we have accomplished outstanding achievements and have significantly contributed to the strengthening of Qatar’s private sector by facilitating the incorporation of companies, providing support and guidance, developing legislation and regulations, and attracting foreign investment…the QFC has positively contributed to position Qatar as a regional business and financial hub, and a leading destination for trade and investment.”
He added: “We are confident that our new financial city…marks a milestone in the development journey of Qatar’s private sector and national capacity-building efforts. This milestone will further contribute to the achievement of economic diversification and sustainable development.”