The Qatar Financial Centre (QFC) is relocating to a new "financial city" in the Msheireb area of Doha where it plans to bring together all licensed firms.
The centre, which offers its own regulatory regime and issues licences to wholly foreign-owned entities, had previously not been grouped in a single real estate development. QFC-licensed entities were spread out in offices around the city.
"Through this relocation, we are taking a giant leap forward on the path of economic diversification," said Yousuf Mohamed Al-Jaida, chief executive.
QFC firms will be able to operate from the Msheireb Downtown Doha development from mid-2017, says a statement. The development will not be restricted to financial firms and will include residential apartments, shops, several heritage areas, a school and a mosque.
Entities connected to the QFC such as the Qatar Financial Centre Regulatory Authority, the Qatar International Court and Dispute Resolution Centre and the Qatar Finance and Business Academy are expected to move to the new development by 2019.
"This relocation will impart confidence to international investors and partners, and will enhance Qatar's position as a major regional and international financial hub," said Abdulla Hassan Al-Mehshadi, chief executive of Msheireb Properties, the development company.
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