Officials have announced plans to create a Qatari version of New York's Wall Street, in the Msheireb area of Doha's Downtown.
According to Qatar Financial Center, the new financial zone will be the first of its kind in the region, welcoming all kinds of businesses with no restrictions as to whether they are local or international, or whether they are licensed by the QFC.
As for the structure of the Qatari "Wall Street," the development will consist of more than 100 buildings, hosting prime commercial and residential properties, retail, cultural and entertainment areas.
The Gulf nation aims to assert itself as the region's center for financial and commercial affairs, shifting its financial dependency from oil and gas, according to AFP .
Set to debut in mid-2017, the new financial district will cover up to 300,000 square meters. Among the businesses ready to relocate to Msheireb and partake in what is anticipated to become the region's commercial powerhouse is the Qatar Financial Center – a global business and financial platform.
QFC's CEO Yousuf Mohamed Al-Jaida said, "The relocation is part of our commitment to support Qatar in its efforts to diversify national income sources."
The project will contribute to the revival of the historic Msheireb area, which is expected to become a "lively urban neighborhood" in light of an ongoing $5 billion regeneration initiative .
AFP reports that Qatar currently faces a budget shortfall of more than $12 billion in 2016, its first in 15 years. "In June, officials warned that more deficits would follow in 2017 and 2018, as an era of lower oil prices forces Arab states of the traditionally taxes-free Gulf region to adapt."
The state has thus been trying to diversify its sources of income through tourism, education initiatives and hosting international events like the upcoming 2022 World Cup.