Qatar Financial Centre (QFC) is to relocate to Msheireb Downtown Doha, and will operate there from mid-2017.

Existing QFC licensed firms can migrate from mid-2017 or 2018.

Other QFC entities, including the Qatar Financial Centre Regulatory Authority (QFCRA), the Qatar International Court and Dispute Resolution Centre (QICDRC) and the Qatar Finance and Business Academy (QFBA) expect to complete their relocation in 2019.

The new financial city will be open to all local and international firms, not just those licensed by the QFC.

Phases two and three of the $5.5bn Msheireb Downtown Doha project are currently under construction, and expected to be complete before the end of 2016.

Phase 2 covers 310,000 square metres of mixed use real estate. The main contractor is Dubai’s Arabtec.

Phase 3 covers 370,000 square metres, and is under construction by Japan’s Obayashi and local HBK Contracting.

Bids for the fourth and final phase are currently under evaluation. It includes 12 buildings over 280,000 square metres.

The entire project consists of 226 buildings over 750,000 square metres, according to MEED Projects, with a focus on smart cities, sustainability and sensitivity to heritage. The area will be served by Msheireb metro station.

QFC is an onshore business and financial centre which allows 100 per cent foreign ownership of financial and non-financial services firms. The move will boost Msheireb Downtown Doha as a business hub for Qatar.