Qatar to cre­ate its very own Wall St

The Myanmar Times - - International Business -

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.

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