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Qatar seeks to attract more foreign investment
 Qatari Emir Sheikh Hamad Bin Khalifa al-Thani (L) and Cuban Minister for Foreign Investment Marta Lomas at Havana Airport last April. (Reuters) |
DOHA — Qatar amended its investment laws to permit 100 percent foreign ownership in three sectors of the economy, including consulting and technical work services, technology services and distribution services.
The amended law also encourages foreign investors to acquire interests in development plans in the country aimed at achieving the optimal exploitation of local resources. To benefit from the law, investors must introduce new products and modern technology to the Qatari market and hire staff locally.
The other sectors in which the percentage of foreign ownership will be increased, are agriculture, industry, health, education, tourism and natural resource development. The amended law still prohibits foreign investment in the banking and insurance sectors, although it enumerates exceptions under certain circumstances, as approved by the Council of Ministers.
Prominent businessman Ahmed al-Halaf characterised the amendment as "a historic decision that will certainly have a positive impact on the country's economy."
Restrictions imposed on commercial property have limited foreign investments in the region. All Gulf States restrict complete foreign ownership to free zones and specify that the majority share in local companies must be owned by Gulf citizens. The global recession, however, has increasingly pushed Gulf countries to ease foreign ownership laws because a number of foreign investors pulled out their investments in the area during the current global financial crisis.
The rate of direct foreign investment in the Middle East region declined more than six percent in 2008. According to the UN Economic and Social Commission, direct foreign investments in its Western Asian region, which includes 14 Arab countries, dropped US$4 billion in 2008 from $64 billion in 2007.
The decline may be greater this year because of continuing delays in the execution of many investment projects with international participation.
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Reader Comments
Today, Qatar has a construction and urban movement that operates at all levels and in all fields. For example, Qatar has the best and most modern newly-built stadiums, and they have continued to work on developing these stadiums until they introduced the technology of the air-conditioned stadium. In Qatar, you also find the largest and most beautiful tourist hotels as well as skyscrapers. Moreover, it has the largest companies and institutions on its soil, and all these factors contribute to the development of Qatar, dramatically.
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