The Free Zones Authority and Qatar Development Bank announced the strengthening of cooperation in a new joint initiative to enhance the investment climate in the country, by supporting the investors working in it with a wide range of financial and advisory programs and services provided by the bank in this regard.
This initiative comes as a result of an agreement between the two parties that was signed by Sheikh Mohammed bin Hamad bin Faisal Al Thani, CEO of the Free Zones Authority, and Mr. Abdul Rahman Hisham Al Suwaidi, CEO of Qatar Development Bank. The signing ceremony was held in the Business and Innovation Park in Ras Bufontas Free Zone, and was attended by a number of senior officials of the Free Zones Authority and Qatar Development Bank.
Financial and advisory solutions
The bilateral initiative aims to expand the horizons of cooperation between the two institutions in order to serve the companies investing in the free zones, in order for these companies to benefit from a variety of services, financing programs, advisory and training services provided by Qatar Development Bank.
Qatar Development Bank also provides various forms of support, including providing financial and advisory solutions tailored to meet the needs of all categories of investors in free zones who are eligible to obtain this support from the bank, taking into account the regulatory standards of the Free Zones Authority and Qatar Development Bank.
Sheikh Mohammed bin Hamad bin Faisal Al Thani, CEO of the Free Zones Authority, said: “We welcome this joint cooperation with Qatar Development Bank, which comes within the framework of strengthening national partnerships with leading Qatari institutions, and contributing to supporting, developing and diversifying the Qatari economy in line with the goals of Qatar National Vision 2030.
He added, “This cooperation, which is an important step in this direction, is expected to provide the necessary support for investors in the Free Zones Authority to achieve growth and prosperity within an investment-stimulating environment, and to enhance the joint commitment to expanding the horizons of investment and development in the State of Qatar.”
Active participation
in economic diversification
For his part, Mr. Abdul Rahman Hisham Al Suwaidi, CEO of Qatar Development Bank, stressed the importance of these initiatives that support investors and complement the role played by the bank in this field, adding: as a continuation of the role of Qatar Development Bank in providing access to financing and advisory services for all business sectors in the country,
We are pleased to support the Qatari companies registered in the free zones in starting their business and expanding, because of their essential role in contributing to the domestic product, promoting exports, re-exports and active participation in economic diversification. We are also pleased to include, for the first time, foreign companies registered in the free zones to access development, promotion and financing services for exports, provided that they pass the agreed upon local content ratio.
The initiative constitutes a positive and significant step in the process of developing an attractive investment climate in the country, and providing the required support to investors in free zones in order to achieve the desired growth and progress. It is worth noting that the Free Zones Authority is a comprehensive and integrated platform that the Qatari private sector can benefit from 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.
Qatar Development Bank is also considered an integrated development station for investors, as it offers financing and advisory programs, such as direct and indirect financing programs “Al-Dhameen”, export financing and credit, organizing commercial missions to promote Qatari exports globally, training workshops and various advisory services.
