The Qatari Cabinet has given its nod to a draft law that aims to attract non-Qatari capital to the country and promote economic development, after reviewing the Advisory Council’s recommendations on the matter.
The decision was taken at the Cabinet’s weekly meeting, reported Gulf Times.
The draft legislation was prepared to replace Law No 13 of 2000 regulating the investment of non-Qatari capital in the country’s economic activity.
The draft law stipulates that non-Qatari investors ‘may invest in all economic sectors up to 100% of the capital, and may own no more than 49% of the share capital of Qatari listed companies on the 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.’
They may also hold a percentage exceeding the mentioned percentage with the approval of the Cabinet upon a proposal by the minister concerned.
The draft law contains many investment incentives. The Cabinet may, on the proposal of the minister, grant the investment projects incentives and benefits in addition to what is provided for in this law.
Earlier this month, the Advisory Council had approved the draft law and decided to forward its recommendations to the Cabinet after discussing the report of the Financial and Economic Affairs Committee on the legislation.
Meanwhile, the Cabinet also approved a draft law amending some provisions of Law No (21) of 2015 regulating the entry and exit of expatriates and their residency and decided to refer it to the Advisory Council, according to Qatar Tribune.
The Cabinet also approved a draft law on the mortgage of movable property. The draft law aims to enable companies and individuals to obtain bank loans by guaranteeing the mortgaging of movable property, and to contribute to reducing the cost of loans in order to support small and medium enterprises and their contribution to the national economy.