The government has allotted QR2.5bn for 63 Qatar-based and international companies selected for the ‘Own Your Own Factory in Qatar in 72 Hours’, an initiative aimed at fast-tracking the establishment of more manufacturing companies and factories in Qatar.
Ahmed Zidan, team member of the ‘Own Your Factory in Qatar in 72 Hours’ project, said aside from the QR2.5bn investment, the government has allotted more than 500,000sqm of land across Manateq’s Um Ahloul Special Economic Zone and the New Industrial Area for the initiative.
“Of these 63 companies, 13 are Qatari firms that have factories in surrounding GCC countries. They are now returning to Qatar to set up their presence here,” Zidan told reporters on Wednesday on the sidelines of a press conference led by Salman Mohamed Kaldari, the chairman of the coordinating committee for the Single Window System Management.
Launched in mid-June this year, the ‘Own Your Factory in Qatar in 72 Hours’ project aims to encourage industrial investments and motivate the private sector “towards boosting the economic procession in the State of Qatar,” Kaldari said.
It also aims to facilitate industrial investment procedures in Qatar by providing more than 10 privileges and to provide necessary approvals and licences within three days, including raw materials custom-exemption and local products’ support.
Aside from licensing, the project guarantees qualified investors with land readiness and immediate access to visas, including readiness of industrial infrastructure like water, electricity, gas, and roads, as well as priority for purchases with local manufacturers.
Other privileges include platforms for exports, 10-year income tax exemption, customs exemptions for raw materials, and the provision of a 10% support for national and government products, in addition to financing services provided by Qatar Development Bank (QDB).
Since its launch, the committee received 8,128 applications from Qatari and resident investors, and more than 1,000 requests from 50 countries through its website, Kaldari said.
He said all applicants are competing for 250 investment opportunities covering eight major industrial sectors. “Investors’ proposals for other industrial activities according to local market demand shall also be considered,” he said.
He added: “The committee held three open meetings with the applicant-investors, distributed 75 market studies covering various industrial activities, received calls and replied to inquiries 24/7, which reached more than 18,000 calls, and held 450 personal meetings with investors.
“The assessment and evaluation of applications have been subjected to screening by different committees, including an administrative, technical, and grievance committee that comprised from relevant entities. The chosen and winning investors shall be announced in mid-November 2017. The initiative is anticipated to meet the local market demand for added-value industries, increase and upgrade production lines, and ultimately enhance the country’s economy.”
The initiative is spearheaded by the Ministry of Interior, Ministry of Energy and Industry, Ministry of Municipality and Environment, Ministry of Economy and Commerce, and Ministry of Administrative Development, Labour and Social Affairs, as well as QDB, Manateq, and Qatar Chamber.