Qatar Free Zones Authority and QNB sign deal to promote attraction of FDI

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Doha, Qatar: Qatar Free Zones Authority (QFZ) and QNB signed a memorandum of understanding (MoU) to promote efforts to attract FDI and support companies investing in QFZ, by providing a range of banking services and benefits to these companies and investors.

This comes as part of the Authority’s growing efforts to expand its partnerships with leading national organizations and to promote its position as a unique investment destination in the region and the world.

The MoU was signed by Sheikh Mohammed H. F. Al-Thani, CEO of Qatar Free Zones Authority (QFZ), and Abdulla Mubarak Al-Khalifa, Group CEO of QNB. The signing ceremony was held at the Business Innovation Park in Ras Bufontas Free Zone, and attended by senior officials from QFZ and QNB.

The memorandum of understanding aims to establish co-operation between QFZ & QNB, and to provide the necessary support for companies investing in QFZ to benefit from a variety of services provided by the bank and the authority. The cooperation includes QNB as one of the primary banks providing services and banking products to investing companies that wish to establish their business or run their operations from QFZ, while adhering to the regulatory standards of both QFZ and QNB. This is in addition to accelerating investors services such as opening bank accounts among other services.

Sheikh Mohammed H. F. Al-Thani, CEO of Qatar Free Zones Authority (QFZ), said commenting on the signing: “We are honored to announce the signing of a Memorandum of Understanding between QFZ and QNB, which aligns with our ongoing efforts to promote foreign direct investment in the State of Qatar. The signing also reflects our commitment in nurturing partnerships with esteemed Qatari organizations, and jointly contribute to economic development and diversification in line with the Qatar National Vision 2030. Our partnership with QNB exemplifies our commitment to facilitate banking services to accommodate QFZ’s local and international investors, and further strengthens our holistic and advanced business environment which aims to accelerate all operational needs.

Commenting on the cooperation, Abdulla Mubarak Al Khalifa, QNB Group Chief Executive Officer said: ‘’We are pleased to have such a constructive cooperation with the Qatar Free Zones Authority, as such agreements represent our commitment to supporting the diversity of investment opportunities in Qatar, by providing our latest banking services and products that will facilitate the transactions of investors in all business sectors in the country. We are confident that such innovative banking services will contribute to the economic growth and expansion that all parties seek.”

It is worth mentioning that, QFZ is an integrated platform offering outstanding opportunities for local private sector companies to grow and expand their businesses both regionally and locally through partnering with international investors.

QFZ is focused on key sectors where it offers a strong competitive advantage for businesses, such sectors are; Emerging Tech., Logistics & Trading, Industrial & Consumer, Marsa Maritime Development, Aerospace & Defense, Food & Agritech., Biomedical Sciences.