Qatar Looking Forward to Diversification with First Free Zone
Last updated on December 3rd, 2018
Qatar is looking forward to diversification of its economy and will soon open doors to the first Free Zone in, Umm Al Houl Free Zone, by first quarter of 2019. The zone is located next to Hamad International Port. The development sees to attract the foreign investments, as its economy continues to maintain an upward trajectory.
Addressing a session held in the framework of the second day of the International Product Exhibition and Conference (IPEC 2018), the Minister of State and Chairman of the Free Zones Authority H E Ahmed bin Mohammed Al Sayed, expressed that foreign investors won’t suppress the regional or local markets, but will be a new beginning for communication between Qatar and the rest of the world. It will provide its economy with global opportunities to grow in all directions.
Correspondingly, he also put-forth that the second Free Zone, Abu Fontas, located next to Hamad International Airport, has a gate on the airport, which facilitates cargo operations and associated matters.
The Chairman of the Free Zone Authority expressed that the real zeal behind creating such zones is not only diversification, but also the GDP, which is an automatic source calling the foreign investors.
The country is presently interested in certain sectors, especially logistics because of its location near the port and the airport. Apart from which, it also sees to diversify gold, jewelry, expensive antiques, and food storage and re-export of food through airport.
Besides, the local sector will derive the maximum benefit from spare parts, and sectors like pharmaceuticals’, which even the government thinks is necessary to tap as a resource. Interestingly, the job becomes much easier in the presence of Qatar airways, which provides fast and specialized transport lines for Industry.
The opportunity to attract investments are ample and simply put the plan of moving away from oil and gas as its first priority, which is a part of its Vision 2030. During the early 2000s’ ‘The State of Qatar’ invested heavily in the education sector and service institution, as a result of which, the economy grew from $8 billion in 1996 to $200 billion at present.
Meanwhile, the beginning of this century witnessed the planning of many infrastructure projects, especially in the education sector and service institutions such as the airport and the port. This even reflects on the country’s economy, which has grown from $8 billion in 1996 to $200 billion this year.
Free Economic Zones are a blessing in disguise for Qatar, and with the facilities they promise including full ownership of companies, freedom of capital, entry and direct contact with the airport, and absence of fees in the property and no taxes on income, whether for persons or companies for a period of twenty years renewable, the foreign investors can barely let go of such an exciting opportunity.
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