Qatar under the wise leadership of Amir H H Sheikh Tamim bin Hamad Al Thani is continuing its march towards achieving goals of diversification of economy unabated and different measures including necessary pieces of legislations introduced by the government in the recent past will definitely boost foreign investments in the country.
Free economic zones, new property ownership rights for expatriates, relaxing rules for investment of non-Qatari capital in country’s economy, development of region’s most-advanced Hamad Port and many such measures have already started attracting foreign investors.
The Cabinet in its meeting held last week took the necessary measures to issue a draft law regulating the non-Qatari capital in the economic activity, after it reviewed the recommendation of the Advisory Council.
The draft law was prepared to replace Law No. (13) of 2000 regulating the investment of non-Qatari capital in economic activity. Under the provisions of the draft law, non-Qatari investors may invest in all economic sectors up to (100 percent) of the capital, and they may own no more than (49 percent) of the share capital of Qatari listed companies on Qatar Exchange, after the approval of the Ministry of Economy and Commerce on the percentage proposed in the Company’s memorandum of association and articles of association.
Meanwhile, few days ago Qatar has been ranked fifth in economic performance, according to the World Competitiveness Yearbook 2018. The International Institute for Management Development’s yearbook also rated Qatar at position 10 globally for government efficiency, 13 for business efficiency and maintained its ranking at 38 for infrastructure. According to the yearbook, Qatar ranked 14 out of 63 mostly high-income countries, which confirms Qatar’s strong performance across various fields.
Apart from taking measures regarding issuance of draft law pertaining to non-Qatari capital’s investment in economic activities of the country, the Cabinet in April this year also gave nod to a draft law on the regulation of ownership and usage of properties by non-Qataris in the country and the matter was referred to the Advisory Council. Under the terms of the draft law, non-Qataris may own and use properties in Qatar “in accordance with conditions specified by a decision of the Cabinet and based on suggestions of the commission for regulating non-Qatari ownership and use of real estate”. Provisions of the draft law will apply to “land space, buildings and residential units, as well as detachment units in residential complexes.”
By introducing new laws meant to facilitate and protect foreign investors and creating an investment friendly eco-system, Qatar will achieve economic diversification goals sooner rather than later.
