The Qatar Financial Centre (QFC) has announced its relocation to Msheireb Downtown Doha, with new QFC firms able to operate from this new location starting in mid-2017. Existing firms can decide to migrate then, or starting in 2018. The new location 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, said the QFC in a statement. 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. The inclusion of a number of national entities and government buildings within Msheireb Downtown Doha as a whole represents a significant step toward the realisation of deeper collaboration and economic integration.
QFC CEO Yousuf Mohamed Al-Jaida said: “The Qatar National Vision 2030 economic development pillar stipulates the need for open and flexible economic structures, which QFC offers through its business-friendly platform. It also states the need for the creation of a stimulating business climate capable of attracting foreign funds and technologies, and encouraging national investments. At the QFC, we have been steadily building such an environment. Through this relocation, we are taking a giant leap forward on the path of economic diversification.”
Following the relocation of the QFC and QFC firms, other QFC entities including the QFC Regulatory Authority, the Qatar International Court and Dispute Resolution Centre and the Qatar Finance and Business Academy will relocate as well. Their relocation is expected to be complete in 2019.
QFC is an onshore business and financial centre located in Doha, offering its own legal, regulatory, tax and business environment, which allows 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits.