We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 19 Sep 2016 06:15 PM

Font Size

- Aa +

Qatar Financial Centre announces plan to relocate

Move to Msheireb Downtown Doha will start in mid-2017; hailed as 'giant step' towards economic diversification

Qatar Financial Centre announces plan to relocate

The Qatar Financial Centre (QFC) has announced plans to relocate to Msheireb Downtown Doha, with operations set to start in mid-2017.

QFC said in a statement that new QFC firms will be able to operate from the new location from the middle of next year while existing firm can choose to move in mid-2017 or early 2018.

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, the statement said.

The mixed-use development will comprise more than 100 buildings, with a combination of prime commercial and residential properties, retail, cultural and entertainment areas, it added.

As well as the new financial city, Msheireb Downtown Doha will also encompass five heritage quarters and multiple geographic phases. Tenants will include major government buildings, heritage quarters, a school and the National Archive, as well as the recently opened mosque.

A number of residences including townhouses, upscale apartments and hotels will also feature, all centred around a new public square called Barahat Msheireb.

QFC CEO Yousuf Mohamed Al-Jaida said: "Through this relocation, we are taking a giant leap forward on the path of economic diversification."

Msheireb Properties CEO Abdulla Hassan Al-Mehshadi added: "The Qatar Financial Centre's relocation... also revives the history of Msheireb area which has always been a major centre of business and trade.

"Additionally, this relocation will impart confidence to international investors and partners, and will enhance Qatar's position as a major regional and international financial hub this will play a central role in diversifying the economy as part of our pledge to the Qatar National Vision 2030."

Other QFC entities including the Qatar Financial Centre Regulatory Authority (QFCRA), the Qatar International Court and Dispute Resolution Centre (QICDRC) and the Qatar Finance and Business Academy (QFBA) will also relocate by 2019.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.