The move to build Qatar’s first ‘financial city’ inside Msheireb Downtown Doha has gained support from entities like the Qatar International Court and Dispute Resolution Centre (QICDRC) and private sector leader Qatar Chamber.
On Monday, the Qatar Financial Centre (QFC) and Msheireb Properties announced the relocation of the QFC and its entities, as well as its licensed companies to Msheireb Downtown Doha.
The QFC relocation will serve as a foundation for the financial city, which will be open to all businesses, both local and international, and will not be exclusively restricted to QFC-licensed firms.
Speaking to Gulf Times yesterday, Qatar Chamber director general Saleh Hamad al-Sharqi noted that the chamber supports any business willing to move to the financial city. “Qatar Chamber will be meeting with QFC to discuss how we can be partners,” added al-Sharqi, but clarified that the meeting will not touch on the QFC relocation.
QICDRC chief executive officer Faisal Rashid al-Sahouti also welcomed QFC’s relocation to Msheireb. “This will inevitably promote a more attractive environment for foreign direct investments and international financial companies in line with the Qatar National Vision 2030, he said. “This new designation complements QICDRC’s on-going strategy to improve and develop its judicial system and expansion plans. It also complements the expansion of the QICDRC’s mandate, jurisdiction, and specialisation ahead of the anticipated new QFC law, which will enhance the capabilities and abilities of the courts to adjudicate disputes brought before it in a transparent, fair, and efficient manner using modern means of communication, according to international best standards and practices.”
Al-Sahouti also said the QICDRC will serve as a “judicial safety regulator” to the new financial city, which, he added, “will contribute to enhancing investors’ trust in the judicial.”
The QICDRC, which is led by The Rt Hon Lord Phillips of Worth Matravers, was established under the provision of Law No 7 of 2005 on the QFC. It comprises of the Regulatory Tribunal of the QFC that has the jurisdiction to hear appeals raised by individuals and corporate bodies against decisions of the QFC Authority, the Regulatory Authority, and other QFC institutions.
It also comprises the Civil and Commercial Court, which has jurisdiction to look into civil and commercial disputes that arise between companies established under the QFC, or between companies established in the QFC, and other companies operating in the State of Qatar.