QFZA and QBA signed a MOU to support economic goals and diversification
The Qatari Businessmen Association and Qatar Free Zones Authority signed a memorandum of understanding that includes means of joint cooperation and benefiting from the services provided by these two economic institutions to the local and external investor in order to enhance investments and support the economic development of the country. The Memorandum of Understanding was signed by H.E. Sheikh Faisal bin Qasim Al Thani, QBA Chairman, and H.E. Mr. Ahmad bin Mohammed Al-Sayed, Minister of State and Chairman of Qatar Free Zones Authority, in the Business Innovation Complex in Ras BouFintas Free Zone.
From QBA, The Signing ceremony was attended by Mr. Hussein Al Fardan, first deputy to QBA Chairman and from QBA Board members Sheikh Hamad bin Faisal, Mr. Sherida Al Kaabi, Mr. Saud al Mana also attended. From QBA members, Mr. Nasser el Haider, Mr. Khalid Al Mannai, Mr. Salah Al Jaidah, Mr. Nabil Abu Issa, Mr. Ashraf Abu Issa, Mr. Maqbool Khalfan, Mr. Mohamed Al Rabban Mr. Mohamed Althaf, Mr. Ihsan al Khyami, Mr. Mohamed Al Nemla. Also, Sheikh Khalid Bin Nawaf bin Nasser al Thani attended the ceremony along with Mr. Abdulsalam Abu Issa and Mr. Haider Mashhady as well as Ms. Sarah Abdallah, QBA Deputy GM.
From Qatar Free Zones Authority, Mr. Lim Meng Hui, QFZ CEO, Mr. Abdullah bin Hamad Al-Misnad, QFZ Deputy CEO and QFZ members of the executive management attended the meeting.
The MOU noticed two main areas represented in the strategic relations between the two parties to attract investors to invest in the State of Qatar, support the achievement of economic diversification, exchange and sharing of information and cooperation in joint activities to encourage foreign investment. As for the second area of cooperation, it includes the participation and inclusion of both parties in visits of international delegations to Qatar to promote Qatar as well as both parties.
The signing of the Memorandum of Understanding was also followed by an introductory tour of Ras BuFontas to introduce the existing infrastructure and the services it provides to the investor.
From his side, Sheikh Faisal bin Qasim Al Thani, QBA Chairman stated that “ the Qatari Businessmen Association has been seeking since its inception, to strengthen its partnership with the public sector to serve the national economy, by supporting the state in its efforts to diversify sources of income and achieve sustainable comprehensive development by 2030 and attracting foreign investment and advanced technology, localizing highly competitive industries and benefiting from the privileges provided by the government as the investment climate is very appropriate and great opportunities are available to turn the country into a real workshop”.
Through this visit, QBA also aims at getting acquainted with Qatar Free Zones Authority and Ras Boufintas Free Zone and the services it provides to facilitate the work of the Qatari private sector in attracting global investors and benefiting from the investment opportunities presented by the free zones in various sectors, which supports the local commercial traffic in a way that serves its interests and reflects on the growth of all components of economic development in the country. Also, both parties discussed the ways of joint cooperation in the areas of attracting foreign investment and supporting the private sector.
On this occasion, His Excellency Mr. Ahmad bin Mohammed Al-Sayed, Minister of State and QFZ Chairman, stated: “Today, we are pleased to take this positive step and participate with the Qatari Businessmen Association as two Qatari institutions concerned with contributing to the promotion and development of the Qatari economy. This joint cooperation is a strong example of the importance of local partnerships in contribution to the advancement of the national economy, especially as the Qatari private sector plays an important role in this, as it is an essential part of Qatar National Vision 2030 represented in the pillar of economic development that calls for achieving economic diversification. Also, growth in the non-oil sectors, in addition to transforming Qatar’s economy into a knowledge-based economy. ”
He also added, “The Free Zones Authority provides a comprehensive and integrated platform that the Qatari private sector can take advantage of by working with international companies based in the free zones, and expanding its business and partnerships with these companies to enter new markets regionally and globally.”
It is worth noting that Qatar Free Zones Authority was established in 2018 to support economic development and the establishment of a group of world-class free zones in the State of Qatar, in addition to securing fixed investments. The free zones provide many opportunities and competitive advantages for companies seeking to expand regionally and globally, including modern infrastructure, trained workforce, and 100% foreign ownership, in addition to benefiting from investment funds, tax exemptions and partnership opportunities with major Qatari companies and the private sector.