Qatar Financial Centre Authority signs deal with IMAR

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Doha, Qatar: Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, signed a Memorandum of Understanding (MoU) with IMAR Trading and Contracting Co WLL, one of the largest privately held construction companies in the region, ahead of the QFC’s move to Lusail, Qatar’s burgeoning smart city.

The QFC is set to occupy a 6,200 square meter office space in Lusail Boulevard in early 2025, joining major financial institutions that have chosen the prime location as their future headquarters. Under the agreement, IMAR will handle the fit-out for the new QFC office.

Furthermore, the QFC and IMAR will collaborate to develop and expand the financial district and facilitate the relocation of financial institutions to Lusail Boulevard, the QFC’s new address. By integrating advanced technology and innovation, both parties aim to improve efficiency and the overall quality of facilities and services within the district.

Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC, underscored the significance of the partnership, stating, “Entering into an MoU with IMAR holds considerable importance to the QFC, particularly as we prepare for our transition to Lusail Boulevard. This partnership establishes a vital link between the financial sector and the construction industry, enabling us to contribute to the development of essential and sustainable infrastructure tailored to the needs of Qatar’s financial institutions.”

Commenting on the partnership, Mustafa Kassar, Managing Director, IMAR, said, “IMAR is committed to delivering projects to the highest standards of workmanship. We are pleased to partner with the QFC and jointly embark on a journey to elevate standards, delivering turnkey solutions that define excellence in every aspect of project delivery.”

Abdulla Mohammed Al Hajri, Chief Operating Officer, QFC, echoed Al Jaida’s sentiments, remarking, “Our partnership with IMAR symbolises a convergence of shared vision and mutual interests aimed at driving progress across our industries. Through this MoU, we will harness our collective expertise, resources, and capabilities to foster growth and innovation in Qatar.”