QFZ Signs Strategic Agreement With Luyi Holding Group For Global Industrial Park In Qatar
Date
11/14/2024 2:02:02 PM
(MENAFN- Gulf Times) The Qatar Free Zones Authority (QFZ) has signed a landmark partnership agreement with Chinese investment leader Luyi Holding Group to develop a world-class industrial park in Qatar.
The project aims to catalyse foreign investment, strengthen local industry, and advance Qatar's economic diversification goals in alignment with the Qatar National Vision 2030.
The agreement was signed by QFZ CEO sheikh Mohammed bin Hamad bin Faisal al-Thani and Luyi Holding Group chairman Yin Haijie on the sidelines of the China International import expo (CIIE) in Shanghai. The collaboration represents a significant step within China's Belt and Road Initiative to enhance regional co-operation and economic development.
Sheikh Mohammed said,“This agreement marks a crucial milestone in Qatar's strategic drive to diversify its economy, attract foreign investment, and strengthen the localisation of key industries. The planned industrial park will introduce a broad spectrum of industries that directly support Qatar's targeted cluster development.”
He added:“Our advanced infrastructure, progressive business regulations, and comprehensive free zones incentives have created a compelling environment that attracts global businesses. This partnership with Luyi Holding Group reinforces Qatar's position as an internationally competitive investment destination.
“The new industrial park is expected to generate substantial opportunities for local companies across logistics, construction, and technology services sectors while creating new employment opportunities, enhancing local expertise, and facilitating knowledge transfer within Qatar's industrial landscape.”
Haijie emphasised how the park aligns with the Belt and Road Initiative's goals of strengthening trade and development ties across the Middle East and beyond.
“Qatar's strategic location, modern infrastructure, and favourable investment climate made it the clear choice for our Middle Eastern expansion. This project will strengthen Sino-Qatari economic relations and establish Qatar as our regional operational hub,” he said.
Located in Qatar's Umm Alhoul Free Zone, Phase 1 is a 282,000sq m industrial park that will feature state-of-the-art industrial units ranging from 5,000 to 30,000sq m, designed for immediate manufacturing and operational use. The facility aims to attract leading international companies across multiple sectors, including plastic and metal products, performance materials, and solar panels.
This strategic development will strengthen Qatar's industrial foundation by localising critical industries while serving both local and regional market demands, advancing the nation's economic diversification objectives.
The Belt and Road Initiative seeks to strengthen connections across Asia, Africa, and Europe by developing new industrial communities and cities. For Qatar, this partnership represents a strategic opportunity to forge vital economic alliances and cement its position as an influential hub in global trade.
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