Qatar Pledges $3 Billion to Spur Interest in New Free Zones - Bloomberg

Qatar Pledges $3 Billion to Spur Interest in New Free Zones - Bloomberg:

Qatar plans to spend $3 billion to attract foreign companies to its new free zones as the oil-rich country seeks to diversify its economy amid a boycott.

The world’s biggest exporter of liquefied natural gas wants to lean on its existing ties with companies to attract foreign investment to the areas south of Doha, Ahmad Mohammed Al-Sayed, the chairman of Qatar’s Free Zones Authority, said in an interview in the country’s capital. Logistics, chemicals, plastics and artificial intelligence are among the industries intended for the zones.

“We are looking for the cornerstone investor first and are setting up a $3 billion development and foreign direct investment fund as an incentive,” said Al-Sayed, a former chief executive officer of Qatar Investment Authority, the nation’s sovereign wealth fund. “Qatar has reached a stage of development, after building the physical, social and economic infrastructure, where we are ready to welcome the most talented foreigners to live with us, and work and manage their businesses from here.”