Manateq Boosts Qatari Private Sector, Plans New Economic Zones
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While diversification strategies aimed at moving economies away from hydrocarbon dependency have become commonplace throughout the Gulf in recent years, the practical implementation of these strategies has often proved challenging.
In Qatar, the move towards solidifying diversification has been underway for some time, and from an early stage, the government has recognized the importance of small and medium-sized enterprises (SMEs). Qatar has put forth measures to draw investment and expertise to Qatar, and develop an entrepreneurial culture.
While it is true that special economic zones have been widely established across the region in recent times, Ras Bufontas is different: the zone is the first of three such parks specifically targeting SMEs - not only SMEs based in Qatar, that is, but those set up and run by nationals and internationals.
This is an important step in recognizing that long-term, sustainable growth in the state is best served by an indigenous private sector, capable of competing globally and providing the country with future jobs and prosperity, long after the major infrastructure projects are completed.
"The government does not want the economy to drop off after the 2022 World Cup," Fahad Rashi Al Kaabi, CEO of Manateq, which is behind the zones. "The idea is to encourage local industrial capacity. The overall aim is to target locals to set up across a wide range of sectors, while attracting international tenants to be the main anchors in the zones."
Manateq - the foremost developer and operator of Qatar's new economic zones and projects that offer world-class business environments to the Qatari private sector, is owned by the government via Qatar's SME Authority. With an authorized capital of QR 5bn, it is now in the process of creating special economic zones for local SMEs at Ras Bufontas, Urn Alhoul and Al Karaana.
Ras BuFontas Special Economic Zone, was one of Manateq's first zones, launched under the patronage and the presence of HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani and a number of Ministers. Its strategic location adjacent to Hamad International Airport will allow for easy access and turn it into a commercial destination in the Gulf region.
Ras Bufontas will eventually occupy a 4 sq km area that targets business sectors such as Logistics, Information & Communications, Healthcare, Energy & Environment, Hi-Tech Building, and Global Warehousing companies. It will allow Manateq to establish an investment platform for local and international businesses such as those in the air freight and logistic services. It will reinforce goods transportation to and from the world to the special economic zone as its proximity to the new airport, and link to the rail network and highways also facilitates a seamless flow of goods between this zone and the other zones as well. As a result, operational costs of transportation and warehousing services for investors will be alleviated.
Um Alhoul is a 33.52 km sq light manufacturing zone that adjoins the New Port Project, just south of Wakrah, was recently launched in March of 2015. To take full advantage of its key features, this area has been designed to cater to businesses involved in Petrochemicals, Building Materials, Maritime, Metals, Logistics, Food Processing and Others (Auto, Tools and Machinery) and features a dedicated canal to accommodate marine related industries.
The zones' novel approach is to reserve their space and incentives for local SMEs and businesses in general, particularly those within the knowledge economy. Investment in these companies and in the zones can be from anywhere, with global players being courted to set up operations, but the focus is mainly for the national, Qatari private sector.
About Manateq:
Manateq - (Economic Zones Company) is a shareholding company established by the Minister of Business and Trade of the State of Qatar under decision No. 272 in the year 2011. Chaired by His Excellency Sheikh Ahmed Bin Jassim Al Thani, Minister of Economy and Commerce, Manateq is owned by the Qatari Government represented by Qatar's Authority for SMEs.
With a portfolio of 3 Specialized Economic Zones in Qatar, MANATEQ, aims at providing world-class infrastructure that will facilitate the development of the private sector and the Small and medium industries and enterprises, as well as to playing a vital part in the realization of the country's overall economic growth and diversification strategy and in nurturing the local knowledge economy, an essential component towards the achievement of one of the key pillars contained in the Qatar National Vision 2030 - Economic Development.
The company's mandate covers various key locations that offer an integrated range of services, they have been clearly clustered to provide infrastructure and services that cater to specific industries and business sectors, ensuring the right conditions for smooth, long-term operations for clients, and the opportunity for excellent returns are facilitated.
Manateq promotes ease of doing business by offering World class infrastructure, advanced local and international connectivity and transport network, a streamlined processes for business establishment and a 'one-stop-shop' for all establishment and operation needs, an advanced customer service and support, facilitated access to equity and loan financing, and finally a lucrative duty free zone offering for Foreign investments.
Our Mission - To play our part in delivering Qatar's National Vision by developing and operating advanced Economic Zones and projects, offering world-class business environments to the Qatari private sector.
Our Vision - We exist to create a future with sustained growth for everyone. We use resources wisely, support diversification, care for the environment, provide access to growing markets and make it easier to do business, thereby creating the right conditions for smooth, long-term operations for clients, and the opportunity for excellent returns.
This information is provided by Manateq: www.manateq.qa
