Manateq CEO Says Investments at Economic Zones Over QR 30 Billion

Doha, July 10 (QNA) - Economic Zones Company (Manateq) CEO Fahad Rashid Al Kaabi said investments in the country's three economic zones; Ras Abu Fontas, Umm Al Houl and Al Karaana, amount to more than QR 30 billion. Speaking during a press conference on Monday, Al Kaabi said the State of Qatar is progressing well in the construction of these zones as well as other development projects in line with its commitments and economic plans despite the difficult circumstances. He said that Ras Abu Fontas zone, which runs alongside Hamad International Port, is one of the major zones that brings a unique economic advantage to local and foreign companies and investors, adding that investments there will be up to QR 5 billion. He said the company have invested QR 2 billion to prepare the infrastructure there in partnership with global firms and local ones that were able to compete with the international companies in terms of work quality. Al Kaabi said Ras Abu Fontas zone, which will be operative by the end of 2018, will be an valued addition to the Qatari economy, noting that some investments there will be announced soon in partnership with the private sector, some of which are in the hospitality sector at a value exceeding QR 800 million. He added that the zone provides comprehensive solutions, labor accommodation and lands for local and international investors. The economic zones that Qatar has been working to construct across the country have the single-window system, through which investors can find all the services at one place to make their businesses easier, Al Kaabi said, adding that the available infrastructure includes lands, offices, hotels, apartment hotels and other capacities that attract local and international investors. As for Umm Al Houl zone, Al Kaabi said it will start to operate in the end of 2018 and provides several advantages that enable it to attract global investments and establish itself on the international scene. Al Karaana zone, meanwhile, is still at the first stages and is linked to the inter-Gulf railway project. "We have some concerns regarding the completion of this project that links GCC states, and hence we prepared alternative plans to adjust the zone so as to meet the local and foreign demands," Al Kaabi said during the press conference. He added that the current crisis revealed new challenges that require new solutions and creating economic zones that enable Qatar to be self-sufficient in trade, which, he said, is the role Umm Al Houl zone is expected to carry out. Al Kaabi said Manateq is working based on clear plans to develop the three economic zones within five years as well as the logistical areas whose infrastructure preparations will conclude by the end of this year. (QNA)