RIYADH: In a joint initiative aimed at enhancing the investment climate in Qatar, the country’s two leading institutions have come together to support foreign investors and companies with a variety of financial programs and services.
The agreement was signed between the Qatar Free Zones Authority, a government body responsible for supporting businesses looking to set up in the country’s two special economic areas, and the Qatar Development Bank, which provides a suite of financial and advisory services to entrepreneurs and small and medium enterprises.
The bilateral initiative aims to broaden the horizons of cooperation between both organizations to serve companies investing in free zones, allowing them to utilize a variety of services, financing programs, and advisory and training services provided by QDB.
The new joint initiative, signed by QFZ CEO Mohammed bin Hamad bin Faisal Al-Thani and Abdul Rahman Hisham Al-Suwaidi, CEO of QDB, will enable the authority to broaden its partnership with national partners and strengthen its position as a regional investment destination.
Al-Thani said that this cooperation with QDB contributes to the support, development, and diversification of Qatar’s economy, in line with the objectives of the Qatar National Vision 2030.
The QFZ CEO said he expects the cooperation to provide the necessary support for investors in the free zones, allowing them to achieve growth and prosperity in an investment-friendly environment. He added that this will strengthen the joint commitment to broaden the horizons of investment and development in Qatar.
Al-Suwaidi said the deal will help them support Qatari companies registered in free zones in starting and expanding their businesses, “because of their essential role in contributing to the domestic product, promoting exports and re-exports, and active participation in economic diversification.”
“We are also pleased, for the first time, to include foreign companies registered in free zones to access development, promotion, and financing services for exports, provided that they pass the agreed upon local content ratio,” he added.
The partnership is seen as a significant step toward creating a compelling investment climate in the country while providing the proper backing to investors in free zones in order to achieve the desired growth and progress, Qatar News Agency reported.
