DOHA: Qatar Free Zones Authority (QFZ) and Qatar Development Bank (QDB) announced their cooperation in a new joint initiative to strengthen and enhance the investment climate in Qatar by supporting investors operating in the free zones through a wide range of financial and advisory programmes and services provided by QDB.
This comes as part of the expansion of the authority's partnerships with key national players, and promoting its position as a distinct investment destination in the region.
This initiative is based on an agreement between the two parties, signed by Sheikh Mohammed H F Al Thani, CEO of Qatar Free Zones Authority, and Abdulrahman Hesham Al Sowaidi, CEO of Qatar Development Bank. The signing ceremony was held at the Business Innovation Park in Ras Bufontas Free Zone and was attended by several senior officials from QFZ and QDB.
The bilateral initiative aims to enhance cooperation between QFZ and QDB in order to better serve investors in the free zones. This collaboration will provide investors with access to a broad range of financial services and programs, advisory, and training courses offered by Qatar Development Bank. As part of these services, QDB’s tailored financial and advisory solutions will also provide the required support for all eligible investors within QFZ, while adhering to QFZ’s regulatory standards.
Sheikh Mohammed said: "We welcome this joint cooperation with QDB as we strive to enhance our partnerships with leading Qatari institutions and contribute to the growth, development and diversification of the national economy, in line with the goals of Qatar National Vision 2030. This collaboration marks a significant milestone towards achieving these objectives and is expected to offer the essential support necessary for QFZ investors to achieve sustainable growth and prosperity. Furthermore, it underscores our shared commitment to enhance economic development and investment in Qatar."
Al Sowaidi stressed on the importance of initiatives aimed at supporting investors and complementing QDB’s efforts in this regard. "We are keen on supporting Qatari companies in the free zones to kick start and grow their business, building on our efforts to provide access to financing and advisory services for various industries across the country. These companies contribute significantly to GDP growth, promote exports and re-exports and boost economic diversification. We are also pleased that free zone-based foreign companies will now have access to export development, promotion and financing services, provided they meet the agreed-upon local content threshold as identified with Qatar Free Zones.”
This initiative represents an important step towards creating a conducive investment climate in Qatar and providing the support necessary for investors in QFZ to enable growth and development. QFZ is an integrated platform offering outstanding opportunities for local private sector companies to grow and expand their businesses both regionally and locally through partnering with international investors operating from the free zones in Qatar.
Additionally, QDB serves as an integrated development platform, offering investors financial and advisory programmes such as the direct & indirect financing programme ‘Al-Dhameen’, export insurance and financing, trade missions and match-making activities to promote Qatari exports globally. QDB also holds training workshops, and various advisory services.