Qatar Financial Center wants to attract $25 billion of foreign investments by 2022 as Gulf rift ends

SourceCNBC
SectorFinancial Markets
CountryQatar

Qatar Financial Center is seeking to attract $25 billion of foreign direct investment inflows by 2022, its CEO Yousuf Al-Jaida told CNBC in an exclusive interview on Wednesday.It comes a week after Saudi Arabia reinstated diplomatic ties with neighboring Qatar, ending more than three years of blockade against the tiny, gas-rich nation.The reconciliation means a stronger, more powerful Gulf Cooperation Council, Al-Jaida said."I think the impact is going to be positive on trade, which means countries are going to be working closely with each other," he added.Saudi Arabia, together with the United Arab Emirates, Bahrain and Egypt, sealed off land, sea and air borders with Qatar in 2017, after accusing Doha of links to terrorism. Qatar has denied those allegations.The thawing of tensions — just weeks before the end of President Donald Trump's tenure in the White House — is a major shift in the politics of the region. Competition for GCC's financial hubDoha competes with global financial centers in the region including Dubai in the United Arab Emirates, and Saudi Arabia's capital Riyadh.Dubai, one of the region's transport and tourism hub, is facing fresh competition from Riyadh.Saudi Arabia is trying to attract multinational companies to the capital as part...read more...