Qatar announce launch of its own 'Wall Street' in Doha
Qatar plans to establish its own version of New York's 'Wall Street' financial district, a senior official has said, as the emirate seeks to cut its reliance on oil and gas.
Yousuf Mohamed Al-Jaida, head of the Qatar Financial Center (QFC), told the press that businesses will relocate to the newly-built Msheireb area of Doha from mid-2017.
The project comes as gas-rich Qatar seeks to establish itself as a regional commercial powerhouse.
The aim was to improve Qatar’s financial standing and create Doha’s "version of Wall Street or (London’s) Canary Wharf," Jaida said.
"The objective... is to create a leading financial and business center in the region," he said.
"The relocation is part of our commitment to support Qatar in its efforts to diversify national income sources," Jaida told a Doha press conference to announce the relocation.
The new financial center will cover an area of up to 300,000 square meters.
Jaida said he hoped the QFC’s relocation from central Doha would act as a catalyst for other companies including the Qatar Stock Exchange to follow suit.
We spoke to Yousef Fakhroo from @QFCAuthority about the move to @MsheirebDoha - on Snapchat username: qatar_living pic.twitter.com/1EtUOaBJWM
— Qatar Living (@qatarliving) September 19, 2016
Msheireb is a major regeneration project in downtown Doha which seeks to revive an old commercial heart of the capital at an estimated cost of more than $5 billion.
Msheireb Downtown Doha will encompass five heritage quarters and multiple geographic phases.
Tenants will include major government buildings, heritage quarters, four heritages houses within Msheireb Museums, a school and the National Archive, as well as the recently opened Mosque.
It will not only incorporate the financial center but also luxury apartments and museums.
World Cup 2022 host Qatar’s attempts at economic diversification comes as it faces an estimated budget deficit of more than $12 billion in 2016, its first in 15 years.
In June, officials warned that more deficits would follow in 2017 and 2018, as an era of lower oil prices forces Arab states of the traditionally taxes-free Gulf region to adapt.
Isn't this what Barwa Financial district was supposed to do ?
What will happen to Bank Street and th institutions who have offices there ?
Why don't you build something that can attract tourists/expats like Enchanted Kingdom(Theme Parks), Ocean Parks, Disneyland Parks etc.? That is more appealing not the hotels. Also, more importantly make the employment here more adaptable, many are annoyed with the 5 years contract and NOC. Limit the employment contract to 2 years maximum and after that we can have a choice to stay with same company or look for another job so that people can grow or advance their careers.
It is like a dream come true for the people connected with fin world ............ we will get to generate more income for the residents .........so nice ..... waiting for mid 2017 inauguration ............