Qatar's New Emerging Belt Initiative (NEBI), linking a $2.1tn economic bloc with Doha, is expected to lift the prospects across the sectors, particularly trade and banking, and the economy as a whole.
Terming NEBI as an excellent strategy, the Qatar Free Zones Authority (QFZA) is of the view that beyond the alliance with natural partners, Qatar should also reach out to the rest of the world.
"The inter-linkages between these countries are positive for Qatar's free zones as companies themselves will lead to more companies to enter Qatar. It is a win-win," QFZA chief executive told Gulf Times recently.
NEBI is a new economic corridor of Qatar focusing on Kuwait, Oman, India, Pakistan and Turkey with a combined economy of more than $2.1tn, as part of the strategy to forge new alliances and connect businesses.
The new initiative has been necessitated by the unjust economic blockade that was imposed on Doha since June 2017 by Saudi Arabia-led quartet.
It aims to position Qatar as the most promising hub for firms to set up to operate in and out of Qatar via key strategic alliances. In the current geopolitical environment, Qatar can emerge as an alternative hub.
"Our strategy will also include an emphasis on new emerging markets such as Kuwait, Oman, Turkey, Pakistan, India, as well as several others," Qatar Financial Center Authority chief executive Yousuf Mohamed al-Jaida said, adding the QFC is well positioned to serve as a gateway to these lucrative and fast-growing economies.
Finding promising potential for the finance sector, a senior official of a bank said the initiative (NEBI) could find scope for increased trade finance and cross border funding.
"It will certainly help diversify asset portfolio," he said, adding "the force multipliers that inter- and intra-regional capital, trade and logistics can bring about are positives for the country's macro economy and the banking sector," the official said.
The link to the huge market is a big opportunity for the domestic businesses, which would require more support services (both financial and non-financial) and this in turn creates more allied businesses, the banker said.
Highlighting that total foreign direct investment from NEBI countries was estimated at more than $150bn in 2016; al-Jaida had said "this economic initiative will bring us close to our regional partners, and will connect our businesses, which in turn, will increase the flow of FDI and create new opportunities across all sectors."
Qatar is already an attractive international business hub, with 20 business councils registered on the QFC’s platform from countries around the world such as Canada, Nigeria, Singapore, Spain, India.
"The inter-linkages between these countries are positive for Qatar's free zones as companies themselves will lead to more companies to enter Qatar. It is a win-win," QFZA chief executive told Gulf Times recently.
NEBI is a new economic corridor of Qatar focusing on Kuwait, Oman, India, Pakistan and Turkey with a combined economy of more than $2.1tn, as part of the strategy to forge new alliances and connect businesses.
The new initiative has been necessitated by the unjust economic blockade that was imposed on Doha since June 2017 by Saudi Arabia-led quartet.
It aims to position Qatar as the most promising hub for firms to set up to operate in and out of Qatar via key strategic alliances. In the current geopolitical environment, Qatar can emerge as an alternative hub.
"Our strategy will also include an emphasis on new emerging markets such as Kuwait, Oman, Turkey, Pakistan, India, as well as several others," Qatar Financial Center Authority chief executive Yousuf Mohamed al-Jaida said, adding the QFC is well positioned to serve as a gateway to these lucrative and fast-growing economies.
Finding promising potential for the finance sector, a senior official of a bank said the initiative (NEBI) could find scope for increased trade finance and cross border funding.
"It will certainly help diversify asset portfolio," he said, adding "the force multipliers that inter- and intra-regional capital, trade and logistics can bring about are positives for the country's macro economy and the banking sector," the official said.
The link to the huge market is a big opportunity for the domestic businesses, which would require more support services (both financial and non-financial) and this in turn creates more allied businesses, the banker said.
Highlighting that total foreign direct investment from NEBI countries was estimated at more than $150bn in 2016; al-Jaida had said "this economic initiative will bring us close to our regional partners, and will connect our businesses, which in turn, will increase the flow of FDI and create new opportunities across all sectors."
Qatar is already an attractive international business hub, with 20 business councils registered on the QFC’s platform from countries around the world such as Canada, Nigeria, Singapore, Spain, India.
