It is understood that the QFC is now reviewing "exceptions and exemptions," although an official comment could not be elicited on whether MDD alone would be the QFC designated area in Doha.
Indications are that since MDD is not exclusive for the QFC, not all the authorised firms, especially those operating now from the "designated" locations outside its own towers, would be inclined to shift to the sprawling prime mixed-use development consisting of more than 100 buildings.
"As far we understand, status quo will continue. There is no definite timeframe," said an official of a QFC-authorised firm, which operates from one of the designated locations.
The QFC – eyeing other non-financial entities, especially in sports and information technology (IT) – has kept it "vague" as far as those firms operating from the designated locations, another representative of a company, which is stationed in one of the designated locations, said.
In 2008, the Council of Ministers had approved an additional 19 locations as QFC sites in view of the growing demand from global financial institutions, which saw Qatar as their regional centre of choice.
At the press conference held on Monday, QFC chief executive Yousuf al-Jaida said new firms will be able to operate from the new premises starting mid-2017, while existing firms can decide to migrate then or starting 2018.
The shifting is expected to be in three phases with the first one involving new entities to open their offices at MDD and at the second stage, all existing firms will move within three years. The last stage will see the QFC and its entities moving into MDD, where the area for the centre would exceed 300,000sqm.
Doha still has a stable economy and so it has a market that would probably be attractive to a lot of businesses and many companies and “makes good sense within the overall Mena (Middle East and North Africa) portfolio, al-Jaida had said last year at the Euromoney Qatar conference.
He had also said the QFC would have to look at other sectors where Qatar needed development and also to attract further foreign direct investment and generate more jobs.
Although the new financial city is open to all businesses, local and international, officials of some of the non-QFC establishments are of the view that their relocation depends on many factors, including affordability, on which MDD and QFC are yet to come out with a scheme, which is still under discussions.
"Considering the existing nature of (Doha) city’s business infrastructure, be it physical or electronic connectivity, and given the current cost optimisation; there is no compelling reason to look at another option, which is touted more as upmarket," said an official of large trading and contracting company, which has linkages with the country's financial and hydrocarbons sectors.