Recently, the sisterly State of Qatar announced the provision of a number of facilities and incentives for those wishing to invest in various economic and commercial projects in that country. This policy prompted many investors, including a group of Omani businessmen, to establish their institutions and commercial projects and link them with similar businesses in the Omani capital, Muscat. These initiatives are in line with the economic integration policies of the GCC region, and will open up job opportunities and support economic diversification.
According to official Qatari sources, Doha has provided many opportunities, whether for Gulf nationals or foreign investors, including ownership rights and other benefits opportunities, in a bid to drive investment in a number of areas. In the field of real estate, for example, investors have been invited to explore opportunities related to tourism, banking, insurance, industry and commercial agencies, subject to certain conditions, and in accordance with local regulations.
Today, the State of Qatar has enjoyed a stable economic and political climate, enabling it to come out with legislation that seeks to attract foreign investment into the country. Qataris are also encouraged to invest in the economic and commercial sectors. To this end, Qatar had signed a number of economic, commercial and technical cooperation agreements to protect investments and prevent double taxation between Doha and other countries.
At the same time, Qatar has enacted laws that safeguard the interests of its citizens even as it seeks to attract foreign investment. Consequently, foreign investors can be assured of their rights with regard to their shareholdings in a project even if they have local Qataris as partners.
In order to speed up attracting foreign investments, Qatar has offered many incentives, including by creating investment opportunities, preparing preliminary studies for projects, assisting investors obtain loans for licensed projects, and enabling access to power, water, oil and natural gas for their feedstock and energy requirements. Additionally, foreign investors are exempted from income tax for a period not exceeding ten years, liberalized import criteria, and customs exemptions on raw and semi-manufactured material imports.
Qatar’s issuance of new investment laws means that it has effectively eliminated some of the impediments and shortcomings that existed in its statutes in the past. The country has a strong economic structure underpinned by dedicated industrial areas for industrial investment, and modern logistical infrastructure supported by airports and seaports. Supplementing this modern industrial and economic infrastructure are well-established educational, training and sports facilities that have attracted foreign guest workers and their families, foreign students, and athletes to come to Qatar and make the most of what the country has to offer.
This comprehensive development, spanning key sectors of the economy, have continued to attract local and foreign investment into Qatar over the past years, thereby providing numerous job opportunities for Qataris. This lends credence to the country’s claim that their investment climate is an enabler for everyone – Qatari and foreign investor alike – to achieve its business goals in Qatar.
