The Qatar Free Zones Authority (QFZA) has signed a memorandum of understanding (MoU) with a leading asset management firm in the United States, marking significant progress in the establishment of regional operations by global companies in the Free Zones.
QFZA, an independent authority that regulates world-class free zones in Qatar, announced new strategic partnerships on Monday that would help drive growth for the country’s free zones.
As part of the first phase of the MoU, a developer and producer of energy-efficiency and thermal storage solutions, and a vertically-integrated medical nutrition company will work closely with QFZA to identify and set up opportunities in the free zones, and will explore partnership opportunities with local entities.
In addition, opportunities have been identified with a fully-scaled large manufacturer of LED lightbulbs and a technology-enabled facilities management services company.
Also, QFZA has announced its support for and participation in Qatar Petroleum’s landmark localisation programme - Tawteen, which aims to enhance the energy sector’s local supply chain and is expected to create new investment opportunities in Qatar.
QFZA will provide land solutions, tailor regulations, and review business plans to help maximise the success of the programme, which will in turn provide a wide range of benefits for companies operating in Qatar.
It discussed the importance of these and future partnerships during a roundtable discussion held on the sidelines of the US-Qatar Strategic Dialogue on January 13.
QFZA deputy chief executive Abdulla al-Misnad gave a presentation outlining QFZA’s approach to driving free zone growth, including a focus on three target sectors and on strengthening trade and economic relationships with key partners such as the United States.
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