In line with Qatar’s key economic diversification policy, the state-owned Economic Zones Company (EZC) has embarked on a major development of three economic zones within Doha and on the city suburbs.
These zones will provide an “ideal environment” for the development of various industries and benefit investors because of their prime location, leading-edge infrastructure and services networks, synergy with existing/developing industrial and commercial players such as Mesaieed Industrial City, New Doha Port, Hamad International Airport and Doha Industrial City and a professional business and administrative environment.
With an authorized capital of QR5bn, the Economic Zones Company (EZC) has been mandated by the Ministry of Business & Trade to develop an integrated plan for the development of “special areas” for existing and future projects.
Under this, three economic zones will be set up – Qatar Economic Zone 1, Qatar Economic Zone 2 and Qatar Economic Zone 3.
These economic zones will be able to offer total area for development, which is 25% larger than Doha’s existing Industrial Area, EZC yesterday said.
Qatar Economic Zone 1 will cover an area of 4.01sq km adjoining Hamad International Airport, targeting high-value technology and manufacturing, regional and domestic logistics services.
Qatar Economic Zone 2 will spread over 11.95sq km, south of the existing Doha Industrial Area while Qatar Economic Zone 3 will be a 33.52sq km development adjoining the new port project, south of Wakrah.
These zones will focus on value-added manufacturing, including major sectors such as downstream metals, downstream petrochemicals, maritime and other industries, EZC said.
In addition to their primary functions, the planned economic zones are meant to offer an integrated range of services that incorporate housing, commercial and recreational facilities.
EZC’s initial emphasis has been on QEZ 1 and QEZ 3, which are directly connected with major projects under execution such as the Hamad International Airport and New Port Project.
According to Fahad Rashid al-Kaabi, who has been appointed as the new chief executive officer of Economic Zones Company, Qatar is committed to spending around $125bn on construction and energy projects over the next six years, with around 35% dedicated to the development of public infrastructure.
“And with global attention focused on Qatar for the FIFA 2022 World Cup, investing and setting up business in Qatar’s Economic Zones would surely be the wisest decision that a company looking to cement its footprint in this region and beyond can take,” al-Kaabi said.