QFZ, QNB sign MoU to attract FDIs and support companies investing in Qatar

The Qatar Free Zones Authority (QFZ) and QNB have 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 QFZ’s growing efforts to expand its partnerships with leading national organisations and to promote its position as a unique investment destination in the region and the world.The MoU was signed by Sheikh Mohamed H F al-Thani, CEO, Qatar Free Zones Authority, and Abdulla Mubarak al-Khalifa, Group CEO, 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 MoU aims to establish co-operation between QFZ and QNB, and 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 Mohamed said: "We are honoured 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 co-operation, al-Khalifa 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."