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Msheireb Doha becomes new financial hub

Qatar Financial Centre (QFC) yesterday said that it would relocate to Msheireb Downtown Doha (MDD), serving as a foundation for Qatar’s new financial city.
All the new QFC firms will begin operations from the new destination starting mid-2017. Existing firms can then decide to migrate by early 2018.

Unlike other financial zones in the region, the new financial city will remain open for all businesses – whether local and international and will not be restricted to QFC licensed firms. As such, it will be closer to other international financial and business districts.

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

According to CEO of QFC Authority, Yousuf Mohamed Al Jaida, an estimated 100,000 to 200,000 sqm of space in Msheireb Downtown Doha would comprise QFC and its entities. The whole process of relocation will start in the last quarter of 2017, catapulting MDD to the position of Qatar’s main financial hub by 2018 or 2019, said Abdulla Hassan Al Mehshadi, CEO of Msheireb Properties. He pointed out that Msheireb once held the status of the business hub in the country, and now, it would regain that status.

So far, only 80 percent of work on all three phases of Msheireb Downtown Doha has been completed, while talks are on by Msheireb Properties for construction of the fourth phase.

At the international level, there are important financial centres like London and New York and Msheireb Downtown Doha would gradually grow in stature to something similar in the region. According to Al Jaida, QFC’s reglocation from Central Doha, would serve as a catalyst for other companies, including Qatar Stock Exchange, and they can follow suit.

The Msheireb Downtown Doha would include several national entities and government buildings, thereby representing a major step towards realization of deeper collaboration and economic integration.

Msheireb Doha will encompass five heritage quarters and multiple geographic phases. Its tenants will constitute major government buildings, four heritage houses, heritage quarters, a school, national archive, and a recently opened Mosque.

The result would be a lively urban neighbourhood, hosting QFC and its licensed firms, and also offers leisure facilities and several residences including upscale apartments, townhouses and hotels, all located around a new public square, Barahat Msheireb.

Posted on 20/9/2016

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