Qatar planning 'Wall Street-like' business hub

Qatar planning 'Wall Street-like' business hub
The $5bn project will cover an area of 300,000 square metres in the country's capital Doha.
http://www.aljazeera.com/news/2016/09/qatar-planning-wall-street-business-hub-160921113258565.html



Qatar is planning to build a new financial centre, similar to New York's Wall Street and London's Canary Wharf, that will serve as a pioneering financial and commercial hub in the region.

The Msheireb Downtown Doha project has a funding of more than $5bn and is located in an area currently going under massive development in an attempt to revive the commercial and historical centre of the Qatari capital.

The new project, which will cover an area of 300,000 square metres in Doha, will not only include a financial city but also a number of museums, hotels, historic sites and luxurious apartments.

The initiative was announced on Monday by Yousef al-Jaida, executive head of Qatar Financial Centre [QFC].

The aim is to improve Qatar's financial standing and create Doha's "version of Wall Street or Canary Wharf", said Jaida.

"The objective ... is to create a leading financial and business centre in the region," he said.

Qatari laws state that foreign firms are required to have a local partner that owns at least a 51 percent share.

More than 300 foreign companies, exempted from local ownership laws, currently work under the umbrella of QFC.

The new project will not only include existing firms but will also open doors for unregistered local and foreign companies, Jaida said.

Relocating to Msheireb Downtown Doha may motivate other institutions, such as Qatar Stock Exchange, to take a similar step, Jaida said.

In June this year, the Qatari government passed a law to establish three private economic zones that allow 100 percent foreign ownership.

The new business district will house the non-QFC companies in around 100 buildings, according to Doha News which added that the first companies will start moving into the district next summer.

Qatar, currently preparing to host the 2022 FIFA World Cup, seeks to diversify its economic income sources amid dropping oil and gas prices.

Kuwaiti Girl said:

Qatar planning 'Wall Street-like' business hub
The $5bn project will cover an area of 300,000 square metres in the country's capital Doha.
http://www.aljazeera.com/news/2016/09/qatar-planning-wall-street-business-hub-160921113258565.html

Qatar is planning to build a new financial centre, similar to New York's Wall Street and London's Canary Wharf, that will serve as a pioneering financial and commercial hub in the region.

The Msheireb Downtown Doha project has a funding of more than $5bn and is located in an area currently going under massive development in an attempt to revive the commercial and historical centre of the Qatari capital.

The new project, which will cover an area of 300,000 square metres in Doha, will not only include a financial city but also a number of museums, hotels, historic sites and luxurious apartments.

The initiative was announced on Monday by Yousef al-Jaida, executive head of Qatar Financial Centre [QFC].

The aim is to improve Qatar's financial standing and create Doha's "version of Wall Street or Canary Wharf", said Jaida.

"The objective ... is to create a leading financial and business centre in the region," he said.

Qatari laws state that foreign firms are required to have a local partner that owns at least a 51 percent share.

More than 300 foreign companies, exempted from local ownership laws, currently work under the umbrella of QFC.

The new project will not only include existing firms but will also open doors for unregistered local and foreign companies, Jaida said.

Relocating to Msheireb Downtown Doha may motivate other institutions, such as Qatar Stock Exchange, to take a similar step, Jaida said.

In June this year, the Qatari government passed a law to establish three private economic zones that allow 100 percent foreign ownership.

The new business district will house the non-QFC companies in around 100 buildings, according to Doha News which added that the first companies will start moving into the district next summer.

Qatar, currently preparing to host the 2022 FIFA World Cup, seeks to diversify its economic income sources amid dropping oil and gas prices.

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Impressive project by our neighbors.

Reminds me of KAFD (yet to be fully finished) in Riyadh.

Saif al-Arab said:

Impressive project by our neighbors.

Reminds me of KAFD (yet to be finished) in Riyadh.

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Its all grand with Saudi UAE and Qatar. Tallest building, tallest tower etc etc.

These countries have advanced far and even if we call the growth oil spurred we should appreciate how these countries help and protect their populations by giving them employment education and opportunities.

haviZsultan said:

Its all grand with Saudi UAE and Qatar. Tallest building, tallest tower etc etc.

These countries have advanced far and even if we call the growth oil spurred we should appreciate how these countries help and protect their populations by giving them employment education and opportunities.

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That is the least that the regimes in power could do but you are right. We could have been another Venezuela (they have even more oil than KSA), your average Central Asian state, your average Sub-Saharan African state and many other resource rich countries (oil, gas, minerals etc.).

So on that front you are right. On others, it could and MUST be much better.

Anyway that project seems promising at least on paper.

haviZsultan said:

Its all grand with Saudi UAE and Qatar. Tallest building, tallest tower etc etc.

These countries have advanced far and even if we call the growth oil spurred we should appreciate how these countries help and protect their populations by giving them employment education and opportunities.

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And all failures...KA economic district is a scene of desertion KA financial dist is ghost towers..billions wasted..Arabs cannot manage anything...they are trying to replicate Dubai but forget that Dubai has over all much better conduct and a punctual legal system..cases in Saudi courts drags on for years!

https://www.bloomberg.com/news/arti...on-financial-district-missing-one-thing-banks

http://uk.reuters.com/article/uk-saudi-plan-realestate-kafd-idUKKCN0Y01SX

http://www.arabnews.com/saudi-arabia/news/769521

http://www.economist.com/news/finan...-become-alternative-dubai-any-time-soon-empty

They can still revive KA Financial DIst. if they turn it into a DIFC style free zone with a fast rail link to Airport and welcome foreigners with as a rationale and open mind...

Saif al-Arab said:

That is the least that the regimes in power could do but you are right. We could have been another Venezuela (they have even more oil than KSA), your average Central Asian state, your average Sub-Saharan African state and many other resource rich countries (oil, gas, minerals etc.).

So on that front you are right. On others, it could and MUST be much better.

Anyway that project seems promising at least on paper.

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I agree even Angola and Venezuela have oil. Without spending and opportunities for the local populations oil is useless. I would qoute South Korea more as a success story because it had no oil, but in my eyes Saudi hasn't done too bad.

somebozo said:

And all failures...Saudi economic district is a scene of desertion..billions wasted..Arabs cannot manage anything...they are trying to replicate Dubai but forget that Dubai has over all much better conduct and a punctual legal system..cases in Saudi courts drags on for years!

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KAFD is yet to finish and will bounce back once the economy starts to grow at a normal rate in 2018. Riyadh is a major economic hub in the region and the largest city. It will remain an hub in KSA in the future. A KSA that in the future will look much differently than it does today as the leadership will have to open the country up more socially, economically etc. There is nothing that the ultraconservatives (a minority overall) can do about it. Changes will occur and you cannot stop it unless you want to live in a mountain cave or somewhere alone in the desert.

Anyway you cannot expect anything else in absolute monarchies where corruption is a problem, nepotism and where the best qualified personnel is not always the once who decide. This has nothing to do with "Arabs". It's the same story in Pakistan and most if not all developing countries to various degrees.

It's about structural changes and a change of bad habits that are committed and exploited by a few while the common man has no say.

If anything Arabs have always, historically speaking (for millennia) done very well at trade and business. We are quite famous for this in fact.

haviZsultan said:

I agree even Angola and Venezuela have oil. Without spending and opportunities for the local populations oil is useless. I would qoute South Korea more as a success story because it had no oil, but in my eyes Saudi hasn't done too bad.

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South Korea is the fairytale story. However while KSA could have done much better we could also have done much worse as there are many examples of.

Another Hub? who's next? Oman? Bahrein? Kuwait?... and what happen if overcrowded? Alalala those gulf states always wanting to compete with each others... meanwhile in other parts of the world " some countries" are getting together to be more powerfull... Keep going Arabs!! at least you don't wasting those few Dollars...

Saif al-Arab said:

KAFD is yet to finish and will bounce back once the economy starts to grow at a normal rate in 2018. Riyadh is a major economic hub in the region and the largest city. It will remain an hub in KSA in the future. A KSA that in the future will look much differently than it does today as the leadership will have to open the country up more socially, economically etc. There is nothing that the ultraconservatives (a minority overall) can do about it. Changes will occur and you cannot stop it unless you want to live in a mountain cave or somewhere alone in the desert.

Anyway you cannot expect anything else in absolute monarchies where corruption is a problem, nepotism and where the best qualified personnel is not always the once who decide. This has nothing to do with "Arabs". It's the same story in Pakistan and most if not all developing countries to various degrees.

It's about structural changes and a change of bad habits that are committed and exploited by a few while the common man has no say.

If anything Arabs have always, historically speaking (for millennia) done very well at trade and business. We are quite famous for this in fact.



South Korea is the fairytale story. However while KSA could have done much better we could also have done much worse as there are many examples of.

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Well if I have to choose an exemple, south korea will not be on the list, but one country is Singapore...

Saif al-Arab said:

KAFD is yet to finish and will bounce back once the economy starts to grow at a normal rate in 2018. Riyadh is a major economic hub in the region and the largest city. It will remain an hub in KSA in the future. A KSA that in the future will look much differently than it does today as the leadership will have to open the country up more socially, economically etc. There is nothing that the ultraconservatives (a minority overall) can do about it. Changes will occur and you cannot stop it unless you want to live in a mountain cave or somewhere alone in the desert.

Anyway you cannot expect anything else in absolute monarchies where corruption is a problem, nepotism and where the best qualified personnel is not always the once who decide. This has nothing to do with "Arabs". It's the same story in Pakistan and most if not all developing countries to various degrees.

It's about structural changes and a change of bad habits that are committed and exploited by a few while the common man has no say.

If anything Arabs have always, historically speaking (for millennia) done very well at trade and business. We are quite famous for this in fact.



South Korea is the fairytale story. However while KSA could have done much better we could also have done much worse as there are many examples of.

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Dude..trust me Saudi has a long way to go before it can even match Bahrain..rules and regulations are one thing...people attitude and seriousness is another..it is near impossible for foreign lenders to deal with Saudi client safely because the mentality is to treat foreign capital as easy money and plunder it...there are numerous scandals surrounding well known business men like Gosaibis, Al-Saad's. Bugshans, who have defaulted on foreign lending...and the debt runs in billions...

HannibalBarca said:

Another Hub? who's next? Oman? Bahrein? Kuwait?... and what happen if overcrowded? Alalala those gulf states always wanting to compete with each others... meanwhile in other parts of the world " some countries" are getting together to be more powerfull... Keep going Arabs!! at least you don't wasting those few Dollars...


Well if I have to choose an exemple, south korea will not be on the list, but one country is Singapore...

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GCC states are developing countries with growing populations, economies and needs.

In the case of Qatar we are talking about a small country with 2 million people or 2.5 now, I don't recall. They have far, far more money than anyone with a similar population. In fact Qatar is the richest country per capita in the entire world. They have to spend the money somehow. When you have such a small population (1 million natives if I recall) you are very limited so I am of the opinion that they have done a lot compared to their size and they have also invested very well abroad. Now it is time to invest within further.

South Korea is a 50 million big nation that has undergone something that very few states have in history. From being piss poor (literary) as late as the 1960's to being one of the most developed countries in the world.

https://en.wikipedia.org/wiki/Economy_of_South_Korea

However if they had the size of Qatar and the same population, they would never have been able to do what they did.

We cannot compare apples and oranges.

somebozo said:

Dude..trust me Saudi has a long way to go before it can even match Bahrain..rules and regulations are one thing...people attitude and seriousness is another..it is near impossible for foreign lenders to deal with Saudi client safely because the mentality is to treat foreign capital as easy money and plunder it...there are numerous scandals surrounding well known business men like Gosaibis, Al-Saad's. Bugshans, who have defaulted on foreign lending...and the debt runs in billions...

Click to expand...

I am well aware of those corrupt families and what they have been up to and similar peoples misuse of the system and the ineffectiveness of some ministries. However this is something that is worked on and you have already seen concrete and positive results under King Salman. Saudi Vision 2030 and MBS and any successor of King Salman will deal with this even better and more effectively.

The times of the "Wild West" as seen under Fahd for instance are long gone by large.

Saif al-Arab said:

GCC states are developing countries with growing populations, economies and needs.

In the case of Qatar we are talking about a small country with 2 million people or 2.5 now, I don't recall. They have far, far more money than anyone with a similar population. In fact Qatar is the richest country per capita in the entire world. They have to spend the money somehow. When you have such a small population (1 million natives if I recall) you are very limited so I am of the opinion that they have done a lot compared to their size and they have also invested very well abroad. Now it is time to invest within further.

South Korea is a 50 million big nation that has undergone something that very few states have in history. From being piss poor (literary) as late as the 1960's to being one of the most developed countries in the world.

https://en.wikipedia.org/wiki/Economy_of_South_Korea

However if they had the size of Qatar and the same population, they would never have been able to do what they did.

We cannot compare apples and oranges.



I am well aware of those corrupt families and what they have been up to and similar peoples misuse of the system and the ineffectiveness of some ministries. However this is something that is worked on and you have already seen concrete and positive results under King Salman. Saudi Vision 2030 and MBS and any successor of King Salman will deal with this even better and more effectively.

The times of the "Wild West" as seen under Fahd for instance are long gone by large.

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I wasn't comparing SK with qatar but Singapore with Qatar, see SIngapore is even smaller than qatar but highest GDP, yet they do not have qatar ressources. Fact is, Qatar is late even though they got plenty of money to do so. And a rich population doesn't mean a stronger popu/country it only show that it's not a viable one.

And those hubs work only if Qatar is well seen abroad same thing with Dubai, bad reputation = failure. meanwhile their foreign policies do not help them in that direction either... . they will have to choose, be a power or just be a "simple" country as others and abide under the power of a stronger one... let's see iwho will win rationality or ego...

HannibalBarca said:

I wasn't comparing SK with qatar but Singapore with Qatar, see SIngapore is even smaller than qatar but highest GDP, yet they do not have qatar ressources. Fact is, Qatar is late even though they got plenty of money to do so. And a rich population doesn't mean a stronger popu/country it only show that it's not a viable one.

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You are forgetting that Singapore has a 3 times bigger population than Qatar and Singapore's incredibly strategic location. Qatar does not enjoy that. Besides Singapore is also a legacy of the Brits. Before the Brits Arabs actually owned most of the land that became Singapore. True story.

https://en.wikipedia.org/wiki/Arab_Singaporeans

http://archive.aramcoworld.com/issue/201404/the.arab.traders.of.singapore.htm

Not only that they don't suffer and never suffered from the Dutch Disease. People think that having a lot of oil and gas is a good thing if a country is ruled by absolute rulers. Think again. it's one of the worst things that can happen actually.

GCC rulers could have been much more despotic in this regard and much more indifferent to the future and development of their people. You have many examples of this across the world on 3 continents.

However, as I wrote, I agree that things could have been much better but not everyone has the conditions to become a SK or Singapore. There is only 1 SK and 1 Singapore for a reason.

Also let's look past GCC for once. Tell me, could 99% of all Arab and Muslim countries be they Pakistan or Tunisia not have done much better? Of course.

For instance Pakistan has an asset that is many times more valuable than some oil, gas or minerals. People. 200 million + of them. You think that they could even dream about becoming a top 10 economy if their population only reached 20 million?

Of course at the end of the day for most people, the population size and the size of economy matters little if the living standards are bad, I get that, but we are talking about the size of economies here.

Saif al-Arab said:

You are forgetting that Singapore has a 3 times bigger population than Qatar and Singapore's incredibly strategic location. Qatar does not enjoy that. Besides Singapore is also a legacy of the Brits. Before the Brits Arabs actually owned most of the land that became Singapore. True story.

https://en.wikipedia.org/wiki/Arab_Singaporeans

http://archive.aramcoworld.com/issue/201404/the.arab.traders.of.singapore.htm

Not only that they don't suffer and never suffered from the Dutch Disease. People think that having a lot of oil and gas is a good thing if a country is ruled by absolute rulers. Think again. it's one of the worst things that can happen actually.

GCC rulers could have been much more despotic in this regard and much more indifferent to the future and development of their people. You have many examples of this across the world on 3 continents.

However, as I wrote, I agree that things could have been much better but not everyone has the conditions to become a SK or Singapore. There is only 1 SK and 1 Singapore for a reason.

Also let's look past GCC for once. Tell me, could 99% of all Arab and Muslim countries be they Pakistan or Tunisia not have done much better? Of course.

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Well Can't speak about pakistan, but for tunisia, since years and years back even before Bourguiba in the 50' Tunisia got a free and obligatory education, a semi free healthcare, and social aid, a working force and nearly democratic gov even before any countries in gulf. Even "outsiders without tunisian nationality has those rights, meanwhile in gulf state in the 50-60s till this day it's not the same for everyone . We have infrastructure for dozens of years that even Dubai just aquired few years back... I can go on and on.
But our country was stopped in their tracks by let's see " by ppl that if i saw them, i will no think twice bf making a mistake..."
As for the future of gulf states, well they are building infrastructure for now, but as any nation around the world, if you don't have a work force in any lvl done by YOUR own ppl, then your future is not sure.... And I don't see an Emirati doing the job of a garbage worker or else... with a salary of 2-3k/month....
In conclusion no national worforce no sustainable power. Even Yemen has better chance to be a superpower than any gulf state if things didn't work bad for them through out history...

Saif al-Arab said:

I am well aware of those corrupt families and what they have been up to and similar peoples misuse of the system and the ineffectiveness of some ministries. However this is something that is worked on and you have already seen concrete and positive results under King Salman. Saudi Vision 2030 and MBS and any successor of King Salman will deal with this even better and more effectively.

The times of the "Wild West" as seen under Fahd for instance are long gone by large.

Click to expand...

Fahad era was far better in terms of industrial growth...the best money I made trading Industrial products was during Fahd Era...Abdullah era was total collapse for industry and immense corruption...Salman era is going towards Fahad like approach of boosting non oil industrial output...

I trade in Industrial parts...so my sales volume is directly linked to industrial output..when machines produce more..they need to run more..and therefore they have higher frequency of spare parts replacement..

HannibalBarca said:

Well Can't speak about pakistan, but for tunisia, since years and years back even before Bourguiba in the 50' Tunisia got a free and obligatory education, a semi free healthcare, and social aid, a working force and nearly democratic gov even before any countries in gulf. Even "outsiders without tunisian nationality has those rights, meanwhile in gulf state till this day it's not. We have infrastructure that even Dubai just aquired few years back... I can go on and on.
But our country was stopped in their tracks by let's see " by ppl that if i saw them, i will no think twice bf making a mistake..."
As for the future of gulf states, well they are building infrastructure for now, but as any nation around the world, if you don't have a work force in any lvl done by YOUR own ppl, then your future is not sure.... And I don't see an Emirati doing the job of a garbage worker or else... with a salary of 2-3k/month....
In conclusion no national worforce no sustainable power. Even Yemen has better chance to be a superpower than any gulf state if things didn't work bad their through out history...

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Do you have sources for that as I find that interesting.

I will have to repeat myself as we disagree. You cannot compare small GCC states (population wise), with countries that were former colonies for decades if not 1-2 centuries (influencing the models of those countries heavily) and much more populous countries.

UAE in the 1950's basically had a local population of what, 100.000 at most. Mostly concentrated in coastal cities and villages and with a few roaming semi-nomads in the interior (deserts and mountains).

KSA is a different story on all fronts as well as when it comes to local workforce and sustainable power. You can see that already and will see that even more. KSA, if no wars or conflicts occurs, will be one of the success stories of the region. I have no doubt about this. Saudi Arabian women alone (some of the most highly educated in the Muslim and developing world, resilient, passionate and wanting to prove themselves more than anywhere else) will ensure that.

BTW, this is Dubai in the 1950's:











What is holding KSA back is a few moronic laws, corruption and the minority of ultraconservatives. Basically the system. If you remove that, KSA will do well.

somebozo said:

Fahad era was far better in terms of industrial growth...the best money I made trading Industrial products was during Fahd Era...Abdullah era was total collapse for industry and immense corruption...Salman era is going towards Fahad like approach of boosting non oil industrial output...

I trade in Industrial parts...so my sales volume is directly linked to industrial output..when machines produce more..they need to run more..and therefore they have higher frequency of spare parts replacement..

Click to expand...

I was talking about corruption being easier to hide back then and exploiting the system. It's significantly harder today.

Anyway you should use your influence and experience to pressure the old clowns who don't act in the interests of the country (industrial growth) but their own pockets. People like you should have been given citizenship a long time ago IMO.