The Qatar Financial Center (QFC) yesterday said it will continue to liaise with all registered firms in relation to relocation to new premises at Msheireb Downtown Doha (MDD). “Any queries will be addressed on a case-by-case basis,” its spokesperson said, adding at the moment, it is not mandatory for those firms (operating outside the QFC Towers) to relocate.
Regarding the future status of the “designated” locations from which QFC registered firms now operate, the QFC said it is too early to comment as moving hundreds of firms is a long process and cannot happen overnight.
The response comes in the wake of their clients, which are now operating outside the QFC Towers I and II, seeking clarity on the status of their present locations, post relocation of the QFC to MDD in three phases.
At present, all firms operate from more than 45 designated locations, the spokesperson said.
The shifting is expected to be in three phases with the first one involving new entities opening their offices at MDD and at the second stage, all existing firms to move within three years. The last stage will see the QFC and its entities moving into MDD, where the area for the QFC, an onshore business and finance platform, would exceed 300,000sqm.
It is envisaged that this development, which is a testament to the QFC’s collective and continued growth, will further enhance Doha’s position as a robust international financial centre, in line with the economic pillar of the Qatar National Vision 2030, the spokesman said, thanking Qatar’s business community for its continued support and encouragement.
Both the Qatar Chamber and the Qatar International Court and Dispute Resolution Centre have welcomed the moves to relocate to MDD. It will also allow for further collaborative opportunities among local and international firms, host world-class facilities and create a vibrant community for businesses to come together, the official added.
“The QFCA remains fully committed to facilitating the long-term success of all QFC firms, including through this exciting development, in order to drive Qatar’s economy forward,” according to the spokesperson.