Qatar to create its very own Wall St
QATAR plans to establish its own version of New York’s “Wall Street” financial district as the emirate seeks to cut its reliance on oil and gas, a senior official said.
Yousuf Mohamed Al-Jaida, head of the Qatar Financial Centre (QFC), said businesses, including his own, will relocate to the previously rundown Msheireb area of Doha from mid-2017.
The project comes as gas-rich Qatar seeks to establish itself as a regional commercial powerhouse.
The aim was to improve Qatar’s financial standing and create Doha’s “version of Wall Street or [London’s] Canary Wharf”, said Mr Jaida.
“This part of our commitment to support Qatar in its efforts to diversify national income sources.”
Mr Jaida said he hoped the QFC’s relocation from central Doha would act as a catalyst for other companies including the Qatar Stock Exchange to follow suit.
Msheireb is a major regeneration project in downtown Doha which seeks to revive an old commercial heart of the capital at an estimated cost of more than US$5 billion.
It will not only incorporate the financial centre but also luxury apartments and museums.
Qatar’s attempts at economic diversification come as it faces an estimated budget deficit of more than $12 billion in 2016, its first in 15 years.