In a bid to bolster foreign investment and diversify its economy, Qatar is embarking on a comprehensive legislative overhaul. The country's new Minister of Commerce and Industry, Sheikh Faisal bin Thani Al Thani, recently announced plans to introduce three key pieces of legislation: bankruptcy laws, public-private partnership (PPP) laws, and commercial registration laws.

This legislative push reflects Qatar's ambition to become a more attractive destination for foreign investors. The country has set an ambitious target of attracting $100 billion in foreign direct investment (FDI) by 2030, as outlined in its National Development Strategy.

However, achieving this goal will require significant strides, particularly given that Qatar's current FDI inflows lag behind those of its regional counterparts, Saudi Arabia and the United Arab Emirates.

In 2023, Saudi Arabia, which shares a similar $100 billion FDI target, witnessed inflows of $26 billion. The UAE, another key player in the region, attracted just over $30 billion in FDI during the same period, according to the United Nations Conference on Trade and Development. In contrast, Qatar experienced negative FDI inflows in 2023, with outflows exceeding new investments.

This disparity highlights the need for Qatar to enhance its investment climate. While the country offers attractive incentives to foreign investors, including favorable tax regimes, access to free zones, and long-term residency options, it faces stiff competition from its neighbors, particularly in terms of regulatory reforms and business-friendly environments.

The UAE and Saudi Arabia have made significant strides in streamlining regulations and improving their overall investment climates. Qatar, recognizing the need to catch up, is now actively addressing these challenges through its comprehensive legislative review.

This review encompasses 27 laws and regulations across 17 government ministries, impacting over 500 business activities.

The new bankruptcy laws are expected to provide a more predictable and efficient framework for resolving business insolvencies, thereby reducing risks for investors. Similarly, the PPP laws aim to facilitate greater private sector involvement in infrastructure development and other key sectors, unlocking new avenues for foreign investment.

The anticipated commercial registration laws are expected to streamline business registration processes, making it easier and more efficient for foreign companies to establish a presence in Qatar.

These reforms are crucial for fostering a more dynamic and competitive business environment that can attract and retain foreign investment.

Beyond legislative reforms, Qatar is also seeking to revitalize its private sector and reduce its reliance on government funding for economic growth.

This shift towards private sector-led development is essential for sustainable economic diversification and long-term prosperity.

By implementing these legislative reforms and continuing to improve its overall investment climate, Qatar aims to attract a greater share of global investment flows, contribute to its economic diversification goals, and solidify its position as a leading player in the regional and global economy.

The business ties between Qatar and Switzerland are poised for significant growth, with a particular focus on innovation and technology.

The Qatar-Swiss innovation program is expected to be a key driver of this burgeoning partnership, fostering collaboration in areas such as AI, life sciences, digitalization, and research and development.

A Shared Vision for the Future

H.E. Florence Tinguely Mattli, the Ambassador of Switzerland to Qatar, expressed optimism about the future of bilateral relations. She highlighted the potential for increased business and investment opportunities, particularly as Qatar transitions into a knowledge-based economy.

Switzerland, renowned for its cutting-edge technology and innovation, is well-positioned to contribute to Qatar's ambitious development goals.

Strengthening Economic Ties

The economic relationship between the two countries is already robust. In 2023, Switzerland imported $314.48 million worth of goods from Qatar, while exporting $886.19 million.

The Qatar-Swiss innovation program aims to further deepen this economic partnership by facilitating collaboration between businesses, research institutions, and startups.

A Commitment to Sustainability

Both Qatar and Switzerland are committed to sustainable development and ethical business practices. Switzerland's support for the UN Code of Conduct for employers of domestic workers underscores its dedication to social responsibility.

By aligning with international standards, both countries can create a more equitable and sustainable future.

As Qatar continues to diversify its economy and strengthen its global position, the partnership with Switzerland offers a promising avenue for growth and innovation.

The recent Qatar Web Summit witnessed the unveiling of initiatives set to revolutionise Qatar's startup ecosystem, heralding potential advancements in innovation and entrepreneurship within the region. These developments, which have attracted both domestic and foreign attention, aim to reshape the startup landscape under the leadership of organisations like the Qatar Investment Authority (QIA) and Invest Qatar.

The Fund of Funds

A notable initiative spearheaded by the Qatar Investment Authority (QIA) is the introduction of Qatar's first Venture Capital (VC) Fund of Funds. This strategic investment programme, backed by a substantial commitment exceeding $1 billion, seeks to foster innovation domestically while yielding competitive commercial returns. In line with Qatar's National Development Strategy (NDS3), which prioritises startup growth and enhanced VC funding accessibility, the initiative reflects Qatar's ambition to nurture a robust entrepreneurial environment.

The programme's objectives encompass attracting leading international VC funds and entrepreneurs to Qatar and the broader GCC region while addressing existing funding gaps for local and regional startups. HE Mansoor Ebrahim Al-Mahmoud, CEO of QIA, emphasised the pivotal role of this initiative in diversifying Qatar's economic landscape, citing the establishment of a well-connected startup ecosystem network as fundamental to long-term economic diversification.

Startup Qatar Initiative: A centralised resource platform

Complementing QIA's efforts, Invest Qatar unveiled the "Startup Qatar" platform, an online hub catering to the multifaceted needs of startups. Providing an array of support services, funding avenues, and incubation programs, this initiative serves as a primary resource for startups seeking information, assistance, and growth opportunities within Qatar.

Qualified startups stand to benefit from various incentives, including tax and fee waivers, extended tax exemptions facilitated by the Qatar Financial Centre (QFC), and access to shared office spaces in prominent local incubators. Additionally, the platform facilitates equity funding access through the Qatar Development Bank's Startup Qatar Investment Programme.

Exclusive Offerings

Ahead of the anticipated Web Summit Qatar, Invest Qatar outlined plans to introduce exclusive services during the event. The "Startup Qatar" Pavilion, in collaboration with key stakeholders, aims to provide immediate support for business setup, talent attraction, and immigration guidance. Positioned at the Doha Exhibition and Convention Center, the initiative seeks to showcase Qatar's burgeoning tech sector to a global audience of tech enthusiasts, startups, and investors.

These initiatives reflect Qatar's aspirations to foster an inclusive and dynamic startup ecosystem conducive to innovation and economic growth. As stakeholders convene at the Web Summit Qatar, opportunities for collaboration and knowledge exchange abound, potentially propelling Qatar's position as a significant player in the global startup arena.

In summary, the announcements made during the Qatar Web Summit underscore a pivotal juncture in Qatar's quest to cultivate a thriving startup ecosystem. While these initiatives represent significant strides towards fostering innovation and entrepreneurship, their ultimate impact remains contingent on effective implementation and sustained support from both the public and private sectors. As Qatar endeavours to position itself as a regional hub for innovation, the outcomes of these initiatives will be closely monitored by stakeholders invested in the country's economic diversification and long-term sustainability.

Source: Wamda

Qatar’s flourishing construction sector is projected at an impressive QAR210.01bn ($57.68bn) this year, industry analysts revealed, with forecasts predicting an increase to QAR325.03bn ($89.27bn) in the near future.

Global research firm, Mordor Intelligence, anticipates the Gulf nation’s construction industry to demonstrate a strong compound annual growth rate (CAGR) of 9.13% by 2028.

The newly released study emphasised the contributing factors to the thriving market, which include a blend of commercial, residential, industrial, and infrastructure projects, along with energy and utility developments.

The researchers highlighted that the country’s reliance on European suppliers and manufacturers for mechanical, electrical, and plumbing materials has spurred the search for alternate providers due to European supply shortages.

This has inevitably impacted pricing and led to reconsiderations of existing contracts and purchasing orders.

“For mechanical, electrical, and plumbing items, Qatari contractors, are particularly dependent on European suppliers and manufacturers; hence, a European supply deficit forced Qatari contractors to look for alternate suppliers”, the report stated.

“This affected the prices of the goods and raised questions about the cancellation of purchase orders and the termination of existing contracts.”

However, the country’s relentless investments and projects in the past years paved the way for it to bounce back.

World Cup impact

Despite the challenges, Qatar’s successful hosting of last year’s World Cup has had an influence on the industry, setting the stage for future major infrastructural and industrial projects.

This year, Qatar is set to dedicate QAR9.83bn ($2bn) towards the ambitious 2050 transportation master plan, underlining the nation’s commitment to improving infrastructure and expanding its leisure industry.

The nation’s track record of mass projects, ranging from the Doha metro, universities, healthcare facilities, museums, to entirely new cities like Msheireb and Lusail, bears testament to the growing strength of its construction market.

This assertion is further reinforced by the impressive array of stadiums that were built for the region’s first World Cup tournament.

In addition, the government’s significant investment of QAR53.9bn ($14.80bn) for infrastructural advancements, as outlined in the 2021 budget, demonstrates the critical role of state authorities in bolstering the regional construction sector.

“The government aims to develop infrastructure and diversify the economy by moving away from its dependence on the oil and gas sector. In efforts to diversify the economy, Qatar has opened economic free zones attracting companies from around the world,” state the analysts.

The recent implementation of laws governing public-private partnerships (PPPs) is anticipated to lure private sector investments in infrastructure, education, and healthcare projects, thereby driving industry growth over the forecast period.

Source: Doha News

Qatar has the fifth largest economy in the Arab World (After Saudi Arabia, Egypt, UAE and Iraq). The country's GDP has been growing steadily between 2010 and 2014, increasing from $125 billion to more than $206 billion in four years. Qatar's economy is driven primarily by the oil and gas industry. It holds the third largest gas reserves in the world (estimated at 12% of the global total in 2021) behind Russia and Iran. The Emirate’s economy is thus heavily concentrated in the gas industry, which represents two-thirds of its GDP and almost 80% of export earnings. Qatar's liquefied natural gas (LNG) industry has attracted tens of billions of dollars in foreign investment and made Qatar the world’s largest exporter of this commodity.

The country enjoys one of the highest GNI per capita in the world (about $65,000 according to IMF projections for 2022) and has a high-spending consumer population. By boosting its liquified natural gas (LNG) capacity by about 40% in the coming years, Qatar’s wealth will keep increasing.

Although economic diversification represents a long-term challenge, Qatar has a large resource base that can be used to boost development of non-hydrocarbon sectors.

Source: 1. seco, 2. OECD, data for 2021 (oecd), 3. OECD, data for 2022.

Qatar is hosting the World Cup which serves as a vehicle to achieve the Qatar National Vision 2030 (QNV 2030), a government initiative to transform Qatar into a global society and provide a higher standard of living. According to this plan, the projects to be performed are intended to promote post-tournament sustainability. The World Cup is expected to positively contribute to the country's domestic economic activity, the construction sector in particular is booming.

Investment climate in Qatar

Among the major advantages of Qatar's investment climate are the country's competitive economy, national currency (that is characterized by a very stable exchange rate), high quality infrastructure, and a very favourable tax environment. In addition, Qatar has two economic zones that offer special benefits to foreign businesses - the Qatar Financial Center (QFC) and the Qatar Science and Technology Park (QSTP). Qatar's well-developed financial sector can also be regarded as an advantageous feature of the country's investment climate. The country has big interest in attracting high-tech products and services to its market. Among the main disadvantages of Qatar's investment climate are relatively small market size and strong reliance of the economy on the public sector. (Reserve your copy of the Doing Business Guide for Qatar link).

Qatar-Switzerland Economic Relations

Qatar and Switzerland will celebrate 50 years of diplomatic ties in 2023. Culturally, the two are worlds apart, but both are small countries that play an outsized role in international politics and business.

According to State Secretariat for Economic Affairs (SECO) Qatar is Switzerland's 5^th largest trading partner in the Middle East (the United Arab Emirates tops the list) (or 63^rd place internationally), with a trade volume totalling CHF708 million ($715 million) in 2021 (trade was down a whopping 52% compared to 2020). According to SECO the volume of trade for the first nine months of the current year already amounts to around two billion francs. Historically trade volume has increased considerably with an upward trend during the last two decades.


Source: Swiss Federal Office for Customs.

The flow of goods mainly goes in one direction, from Switzerland to Qatar. Imports from Qatar, on the other hand, are negligible, in particular because Switzerland is not a buyer of the main Qatari export resource: gas. The two countries have created the necessary framework conditions for increased economic exchanges through a set of agreements such as investment protection, double taxation, free trade (through the GCC and the EFTA) and air transport.

Benefiting from a free trade agreement (through the Gulf Cooperation Council and the European Free Trade Association), a double taxation agreement and an investment protection agreement, economic relations between Switzerland and Qatar come under comprehensive bilateral framework conditions.
Watches and jewellery, precious metals and pharmaceuticals accounted for most exports to the emirate (Federal Office for Customs).


Source: Swiss Federal Office for Customs.



Source: Swiss Federal Office for Customs.

In a sign of the importance it attaches to doing business in Qatar, the Swiss Business Hub, which offers help to Swiss companies looking to establish a presence in foreign markets, has its Middle East office in the Qatari capital. Some 30 Swiss firms in Qatar employ around 1,000 people in the country. The majority of Swiss companies present in Qatar are suppliers in the field of infrastructure and energy. The customer base includes the oil and gas sector, the petrochemical industry as well as water and wastewater management. There we can find for example Endress + Hauser, the specialist in measuring instruments, Nestlé, industrial group ABB, Holcim, Georg Fischer for Watches, Sika in the chemical industry (Watson) and Glencore¹ Switzerland is interested to launch a dialogue with the local companies and the authorities on new technologies, such as in the area of cybersecurity.

Recently top officials from both countries have held meetings during a forum called the Swiss-Qatar Mixed Commission in September 2022. The Federal Councilor Ueli Maurer and Finance Minister Ali bin Ahmed Al Kuwari, met in Zurich, to talk economic opportunities according to the business federation economiesuisse. In the midst of an energy crisis and the war in Ukraine, the purchase of liquefied natural gas from the world’s biggest exporter was a major topic, with the Qataris reportedly open to supplying the Swiss market (economiesuisse). Also different aspects of the real economy were discussed during the different meetings. Qatar is very interested in Swiss know-how. In view of the Football World Cup, Qatar is planning to modernize the construction sector and make it more sustainable, as significant sums will continue to be invested in infrastructure. A large water recycling plant is currently planned. This is exciting news for Swiss companies that are at the forefront of this field. Closer collaboration has also been established in the area of intellectual property protection in particular to better identify counterfeit watches.

Swiss banks are also interested to expand in the Qatari market. UBS announced plans to establish a services hub. Credit Suisse, meanwhile, is willing to open a new tech centre in partnership with the Investment Promotion Agency Qatar. Other sectors too want to further entre the market in the emirate. Swiss hospitals and hotels are looking for partnerships in Qatar and to boosting medical tourism in Switzerland.

What are Qatar’s interests in Switzerland?

Qatar has different investments in Switzerland through the Qatari sovereign wealth fund, the Qatar Investment Authority (QIA), with investments in several sectors totalling close to CHF1 billion, such luxury hotels like the Schweizerhof in Bern and the Bürgenstock Resort on Lake Lucerne. During the financial crisis, it helped shore up Credit Suisse by buying convertible bonds and taking a 5% share in the bank (swissinfo).

The Geneva International Motor Show also signed a deal with Qatar Tourism to bring the popular event to Doha. In 2023 the motor show will take place exclusively in the Qatari city (Gims.swiss).

The World Cup as a driver for economic diversification

Qatar wants to diversify its economy away from fossil fuels, toward a sustainable economy. Hosting the World Cup is part of Qatar National Vision 2030, which aims to diversify the economy and provide a high standard of living for the people. In total, it would be more than 200 billion dollars invested by Qatar to organize one of the biggest sporting events. An event that is expected to generate new activities and boost economic growth.

The State of Qatar has spent 220 billion dollars on infrastructure and giant development projects that have been spent in the 11 years since it won the hosting of the World Cup, and this is the highest number ever spent in the system of this world championship (Al-Jazeera).


Source: DW *Includes spending on infrastructure projects. Values not adjusted for inflation - as of April 2022
For Qatar: The cost of constructing of stadiums, according to official data, is about $7 billion.

Qatar built 8 stadiums according to the latest international standards, namely: Al-Bayt (hosting the opening of the World Cup), Khalifa International, Lusail, Al-Janoub, Education City, Ahmed bin Ali, Al-Thumama, and 974. The cost of constructing of stadiums, according to official data, is about $7 billion.

The Qatari government expects that tourism spending and economic activities associated with this World Cup will add the equivalent of 1.5% to gross domestic product. It is expected that tourism revenues from this tournament will reach about $7.5 billion, according to Capital Economics. Between 1.2 million and 1.7 million fans are expected to arrive in Qatar.

The International Monetary Fund and Bloomberg Agency say that the Qatari economy will reap financial revenues from organizing the World Cup estimated at tens of billions of dollars, including a jump in foreign direct investment in Qatar before and after that world championship. The International Monetary Fund expects economic growth in Qatar to reach 3.4% in 2022 and 2.4% in 2023; Supported and driven by many basic economic factors, including the country's hosting of the World Cup.

Such expectations prompted the Qatari government to aspire to the country becoming a regional centre for business, and even to increase the number of tourists to reach to reach 6 million tourists annually by 2030. Doha is actually a city with one of the fastest-growing hotel and hospitality markets in the world. Over 150 new hotels have been built for the FIFA World Cup. In fact, the World Cup is only one point in the long history of Qatar as a hub for sports and other kinds of cultural activities, all of which makes it an attractive tourist destination (Euronews).

According to Sheikha Alanoud Al Thani, Deputy CEO and Chief Business Officer of the Qatar Financial Centre, a successful World Cup in Qatar is a kind opportunity to put Qatar on the international business and economic map, adding that Qatar's financial commitments into building an infrastructure capable of hosting the World Cup has given many companies a boost, especially in the field of sports technology (Euronews).

The World Cup is a highly effective international marketing platform, that reaches millions of people in over 200 countries around the world. Not all countries have benefited in the same way. The list of the official FIFA partners includes: Adidas (ADS), Coca Cola (KO), Wanda, Hyundai, Kia, Qatar Airways, Qatar Energy and Visa². Switzerland has been able to pull out of the game, in particular thanks to the Swiss company Nüssli, active in the construction of stands. The company has set up a system of air-conditioned and removable stands. The estimated budget is around $700 million.

Criticisms directed at Qatar concerning labour force and relevant regulations

World Cup in Qatar is an object of boycott calls from some politicians and human rights organizations in European countries concerning foreign workers rights.

But Qatar has undergone serious significant domestic reforms. It is the first country in the region to introduce a minimum wage last year and formally abolished the kafala (sponsorship) system for migrant workers.

According to ILO reports, Qatar had undertaken substantial efforts in the areas of labour migration governance, the enforcement of the labour law and access to justice, and strengthening the voice of workers and social dialogue, which have improved the working and living conditions for hundreds of thousands of workers.

In March 2021, Qatar became the first country in the Gulf region to adopt a non-discriminatory minimum wage that applies to all workers, of all nationalities, in all sectors, including domestic work, in addition to legislations concerning occupational safety and health & labour inspection such as the prohibiting of outdoor work between 10 a.m. and 3:30 p.m., access to justice, concerning the labour unions, new legislation has led to the establishment of joint worker-management committees at the enterprise level (ILO).

Qatar’s labour minister responded to the allegations about the conditions of migrant workers involved in construction work for the World Cup, saying a mechanism is already in place for those seeking compensation. “At least $350 million has been given as compensation to workers,” he said.

Rita Schiavi, a former trade unionist with Unia (the largest workers' union in Switzerland), who is familiar with the case of stadium construction sites in Qatar for the World Cup, finds criticism of Qatar too harsh. In an interview published in the daily newspapers of CH Media, she finds that there are many misconceptions about Qatar, before highlighting the evolution of working conditions that she has seen during her visits to Qatar. She pointed out that there are many misconceptions in the West, and prejudices against the Arab-Muslim world, such as the obligation to wear the headscarf (20min)(also look at the reports on SRF of 04.11.2022 and SRF of 10.11.2022).

In a fiery news conference in the Qatari capital on the eve of the tournament, FIFA President Gianni Infantino, attacked European critics on Qatar regarding issues of migrant workers and gay rights. He said, “Who cares about workers’ rights?!, “We in Europe close our borders and do not allow any worker from developing countries to work in our lands legally” he said, noting that there are many who work illegally, while Qatar provides them with this opportunity.

He added: “I have difficulties understanding the criticism. We have to invest in helping these people, in education and to give them a better future and more hope. We should all educate ourselves, many things are not perfect but reform and change takes time”, “I am European. For what we have been doing for 3,000 years around the world, we should be apologising for the next 3,000 years before giving moral lessons,” (Swissinfo³).

Swiss population vision on the World Cup in Qatar
The feeling of the Swiss population has been mixed, with concerns for the welfare of migrant workers, who make up the majority of workers in Qatar (95%). Many Swiss cities have chosen not to install fan zones or public viewings, justifying this decision by Qatar’s workers’ rights record.

Future vision
Finally, whatever scepticism and criticism prevail in the Western countries, Qatar was able to enter history as the first Arab and Muslim country to organize the World Cup, though sending a bright message about the history of the region and the importance of peace and cooperation between the people. Moreover, the World Cup represents a golden opportunity for the country to put itself on the world map changing the country’s image, and cliché about the Arab world, and most importantly, it is a strong tool to transform its economy into a modern, more diversified, highly digitised, and integrated into the global value chain. More is still needed to be done to achieve various urban development projects to achieve the country’s 2030 national vision’s sustainability goals, so creating opportunities and favourable conditions for foreign investors and visitors.

We, at Swiss Arab Entrepreneurs Platform, will be helping the different partners in order to seize the very interesting opportunities offered by the World Cup in Qatar today and in the future.

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1. British company with headquarter in Switzerland, The Guardian (Link).
2. Admiralmarkets (Link).
3. Swissinfo (https://bit.ly/3GWhbyA).

Qatari companies including banks are forecast to get a boost from a deal to end a more than three-year row between Doha and some Gulf states, which was announced by Crown Prince Mohammed bin Salman on Tuesday.

QNB Financial Services Research, part of Qatar’s biggest bank, said in a note that Qatari banks are set to benefit from the GCC resolution agreed at a Gulf summit on Tuesday “based on general investor optimism as domestic banks had immaterial exposure to the blockading countries”.

The Qatari stock index closed 1.4% higher on Tuesday, leading other Gulf markets and was up 0.1% on Wednesday, although Qatar’s international bonds were little changed by news of the deal, while credit default swaps, used to bet against the risk of a default, were unmoved, IHS Markit data showed.

“Qatar Airways and consequently Qatar Fuel could benefit from increased air traffic between KSA (Kingdom of Saudi Arabia) and Qatar,” QNB said in the research note, adding that real estate firms will also benefit from demand longer term.

Qatari banks have significant stakes in banks in United Arab Emirates (UAE) and Egypt, while Qatar National Bank was seeking to expand its business in Saudi Arabia, where it opened a branch just before the embargo.

Qatari banks also had a total of 6% exposure to regional lenders, which fell to 3% after the embargo, the note said, adding that Qatari companies have largely eliminated its impact by diversifying supply channels, as well as their customers.

source: reuters

 Qatari companies including banks are forecast to get a boost from a deal to end a more than three-year row between Doha and some Gulf states, which was announced by Crown Prince Mohammed bin Salman on Tuesday.

QNB Financial Services Research, part of Qatar’s biggest bank, said in a note that Qatari banks are set to benefit from the GCC resolution agreed at a Gulf summit on Tuesday “based on general investor optimism as domestic banks had immaterial exposure to the blockading countries”.

The Qatari stock index closed 1.4% higher on Tuesday, leading other Gulf markets and was up 0.1% on Wednesday, although Qatar’s international bonds were little changed by news of the deal, while credit default swaps, used to bet against the risk of a default, were unmoved, IHS Markit data showed.

“Qatar Airways and consequently Qatar Fuel could benefit from increased air traffic between KSA (Kingdom of Saudi Arabia) and Qatar,” QNB said in the research note, adding that real estate firms will also benefit from demand longer term.

Qatari banks have significant stakes in banks in United Arab Emirates (UAE) and Egypt, while Qatar National Bank was seeking to expand its business in Saudi Arabia, where it opened a branch just before the embargo.

Qatari banks also had a total of 6% exposure to regional lenders, which fell to 3% after the embargo, the note said, adding that Qatari companies have largely eliminated its impact by diversifying supply channels, as well as their customers.

Non-Qatari individuals could own properties in nine areas, up from three before, while the number of areas where foreigners may use real estate has also been increased to 16, a government statement said.

DUBAI: Qatar said on Tuesday it will allow foreign companies and individuals to own real estate in more areas in the country, liberalising rules to attract overseas funds in the sector as part of moves to diversify the economy.

Non-Qatari individuals could own properties in nine areas, up from three before, while the number of areas where foreigners may use real estate has also been increased to 16, a government statement said.

Foreign companies can also own properties in nine areas, a big boost from the past when they were only allowed access to real estate ownership within the confines of The Pearl Island project in Doha.

"Such decision would contribute to the advancement of the Qatari real estate market, the acceleration of the economic development, and the stimulation of the real estate sector," the Ministry of Justice statement said.

The Qatar government will also grant residency to owners of property worth at least 730,000 riyals ($200,000) as well as their families, it said.

Qatar passed a law in 2018 permitting greater foreign ownership of its real estate sector, which in recent years has been hit hard by oversupply tied to a rush of construction ahead of the 2022 World Cup which it is hosting.

Another dampener for the sector has been the diplomatic, trade and transport boycott imposed on Qatar in 2017 by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt over allegations, denied by Doha, that it backs Islamist militants.

Qatar, the world's top exporter of liquefied natural gas, is trying to diversify its economy by boosting tourism and foreign investment in non-hydrocarbon sectors.

"By allocating these areas as eligible for foreign ownership and investment, Qatar has created attractive opportunities that will benefit both domestic and international investors," said Minister of Commerce and Industry, Ali bin Ahmed al-Kuwari, in a separate statement

"The changes will also help to grow and strengthen Qatar's economic development."

The International Monetary Fund has said it expects Qatar's economy to contract by 4.3% this year, hurt by the impact of the coronavirus pandemic.

source: realty.economictimes

The Arab Monetary Fund expected that economic growth in Qatar would grow broadly, driven by oil and non-oil activity, expecting continued improvement in economic performance in the medium term by supporting economic policies and policy space conducive to growth and employment, according to the report "Arab Economic Outlook" issued by the Arab Monetary Fund.

The Fund expected that increased spending on infrastructure projects within the framework of implementing the Qatar National Vision 2030 will support growth, as the vision includes a strategy to support economic diversification to achieve sustainable long-term growth based on a diversified economy.

According to the Arab Monetary Fund, the oil and gas sector is likely to grow in light of the planned expansion of energy production over the next few years, which will have a stimulating effect on the non-oil sector.

The report showed that the various reforms in the legislative environment, including the issuance of the new foreign direct investment law that allows foreigners full ownership of projects, as well as the creation of an "investment promotion agency" to coordinate investment promotion and marketing activities with major stakeholders will provide an overall environment conducive to attracting foreign capitals and pushing forward the economic development and growth in the short and medium-term.

On the other hand, Qatar's announcement of a set of reforms in the labor market to improve working conditions and the application of the minimum wage will contribute to creating more job opportunities.

In terms of employment conditions, the above-mentioned report showed that according to the workforce survey by the Planning and Statistics Authority, the economic participation rate of the population (15 years and over) was 87.9% in the second quarter of 2019, so that the unemployment rate would remain at 0.1% during the period from the second quarter of 2018 until the second quarter of 2019.

source: uac-org.org

Qatar made a comprehensive leap in the industrial sector over the past three years, where the volume of investments has reached over QR262bn.

The rise in investments contributed to the state’s ability to face challenges, maintain the stability of the local market and boost exports, said the Assistant Undersecretary for Industry Affairs at the Ministry of Commerce and Industry (MoCI) Mohammed Hassan Al Malki. 

Al Malki said in an interview with Qatar News Agency (QNA) that the past three years have posed a real challenge to both extractive and manufacturing aspects of the industrial sector, which has succeeded greatly in consolidating its pillars and establishing its bases to play its central role in the economic growth of the state. 

He said that the state has dealt intelligently with the unjust blockade imposed on it since mid-2017, and managed to turn this crisis into an opportunity to accelerate its plans in the development of the industrial sector and maintaining economic growth. 

The state has dealt intelligently with this situation, addressed weaknesses in the industrial sector and turned them into strengths, which has led to the success of this sector in covering many of the market needs of industrial products, especially food and pharmaceutical products, which have become competitive with those in the region and the world, he added. 

Al Malki pointed out that the volume of investments in the industrial sector has now reached QR262bn, up from QR255bn in 2017, registering a growth of nearly 3 percent over the past three years.

“Investment growth in the industrial sector continues, and we have a clear strategy for the coming years covering a number of vital sectors, reinforced by important regulatory and legislative reforms in the business environment,” he added. 

He said that the number increased to 893 factories in the current year from 765 factories in 2017, an increase of approximately 17 percent, he said adding, focus over the past three years has been on the food industries, which has made a major leap and contributed to securing the market needs from the necessary goods. 

On the industrial sectors, the Assistant Undersecretary explained that the construction and transport industries sector tops list due to its association with 2022 World Cup projects, with 249 factories (27.9 percent of the total factories in the country), followed by the chemical and petrochemical industries, with 231 industrial establishments assisted by the abundance of raw materials (25.9 percent of the total number of factories). 

He said that the cement and building materials sector, and due to the urbanization witnessed by the state, ranks third with 178 factories, accounting for nearly 20 percent of the total number of factories, then the food and beverage industry sectors , which has 80 factories, accounting for 9 percent of the total number of factories in manufacturing industries.

Al Malki attributed the growth in the industrial sector during the past years to improving many investment laws and increasing the facilities provided to investors, in addition to enhancing private sector’s infrastructure, and addressing many of the challenges facing the local and foreign investor, besides other factors that strengthened the Industrial investment. 

He pointed out that Ministry of Commerce and Industry offers a variety of facilities, including those related to providing industrial lands, customs exemptions on raw materials, equipment and machinery, a preference for electricity pricing, and providing integrated services and advanced infrastructure of electricity, water, sanitation and others.

“There is a great direct support for the industrial investor, and last year we exempted factories from the rental fees for a full year and more than 400 factories benefited from them, whether in the industrial zone that belongs to the ministry or Manateq company’s Mesaieed industrial area,” he added. 

He added: “The manufacturing industries strategy aims to form a map for the next ten years until 2030, Technology part is an important part of this strategy, as the industry today depends mainly on it.” 

He stressed that great attention is given to the technological industries sector, which enhances the successes and achieving the goals set in the industrial strategy.

“We hope to reach our goals by 2030, especially with attention given by the government to this sector,” he said. 

source: thepeninsulaqatar

The Qatar Financial Centre, one of the world's leading and fastest-growing onshore business and financial centres, announced a 21 percent increase in the number of new firms registered under the QFC during H1 (1 January to 30 June 2019) compared to H1 in 2018. This represents nearly 90 new companies joining the platform, compared with 71 last year over the same period. The total number of firms on the QFC platform has exceeded 700 (as of July 2019).

The newly registered companies hail from a diverse range of sectors spanning IT services, advisory and consulting, marketing and brand management, as well as engineering. Holding companies and foreign business councils were also registered with the QFC. In addition to Qatari firms, a great deal of new firms joining the QFC platform have come from Europe and India, and a number of firms have joined from the USA, Australia, Asia and the Mena region.

The QFC has experienced a rapid rise in the number of firms joining its platform. In addition, the QFC has seen a marked increase in international firms looking to establish their operations in Qatar and the region, which is a testament to the stability and attractiveness of Qatar's thriving economy.

According to the 2018 World Economic Forum Global Competitiveness Report, Qatar ranked first regionally in the Global Entrepreneurship Index. Furthermore, the World Bank's 2018 Gulf Economic Monitor ranked Qatar as first for year-on-year GDP growth in the GCC, making the country a prime business-friendly and investment destination for companies interested in setting up in the region.

Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority said: 'The QFC continues to mark new milestones in terms of firms joining our platform. We are pleased that such a significant number of global businesses have chosen the QFC to establish themselves in Qatar and are taking advantage of the wide range of incentives and frameworks offered by the QFC. As one of the world's fastest growing economies, Qatar offers an array of business opportunities in diverse service industries such as digital, media, sports, financial services and more.

Al Jaida added: 'Qatar's economy is prospering and this upward trajectory is expected to continue well into the future. Over the next year, Qatar's growth is expected to rise to 2.6 percent from 1.6 percent in 2018. The QFC plays an active role in developing Qatar's economy by attracting foreign investors to its business platform. We are honoured to be part of national efforts that help diversify Qatar's economy and I am confident that the second half of 2019 will be a bright and successful one for the QFC. We look forward to welcoming even more ambitious companies to the QFC and the State of Qatar.

Raed Al Emadi, Chief Commercial Officer, QFC Authority said: 'The Qatar Financial Centre is continually working towards supporting Qatar's economic diversification by committing efforts to license leading businesses in their fields and enable them to access unique opportunities that the Qatari market has to offer. We are proud that the QFC has crossed the threshold of 700 licensed firms, all of whom have benefited from our world-class services and streamlined registration process.

source: menafn