United Development Company (UDC) chairman Turki bin Mohamed al-Khater praised new initiatives announced by HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani, at his meeting last Sunday with representatives of the private and government sectors, aimed at boosting private sector investment and economic growth.
“The strategic decisions exempting The Pearl-Qatar from the procedures of issuing licenses, will inevitably support with bringing development works up to speed, while reassuring large contractors and developers of the Island’s investment qualities, and stimulating efficient and timely completion of construction works through increasing the proportion of local investments in The Pearl during the next phase,” al-Khater said.
The new measures will also positively contribute to attracting foreign investment into Qatar, and lead to accelerating project delivery and improving project quality by contractors and developers operating on The Pearl, he explained.
UDC CEO and president Ibrahim Jassim al-Othman stated that the exemption and licensing privileges extended to the management of The Pearl-Qatar, to issue construction, completion of construction, electricity and civil defence permits for real estate developers, indicates the great importance attached by the government to the pivotal role of the private sector in economic growth and sustainable development.
“Such actions and opportunities for private investment, will clearly contribute to increasing the share of the private sector in the gross domestic product, by providing a suitable environment to diversify the economy and attract more local and foreign investments,” he said.
“The licensing privileges extended to The Pearl not only serve to strengthen the partnership with the public sector but also help raise the quality of services offered on the Island, as more local, regional and international investments are expected in the real estate and commercial fields which are presently witnessing growing demand,” al-Othman added.
The Prime Minister had announced that The Pearl-Qatar and Lusail projects would be exempted from the procedures of issuing licenses and that their managements will be provided with the authority to grant special licenses in the fields of construction, completion of construction, electricity and civil defence for real estate developers.
In this context, the Ministry of Municipality and Environment along with the Qatar General Electricity and Water Corporation (Kahramaa), Civil Defence and other relevant agencies – have been directed to finalise an agreement with the managements of the two projects whereby The Pearl-Qatar and Lusail will assume full responsibility before the State in case of a breach – by the developing companies – of the standards and conditions stipulated in the agreement and the approved urban plan.
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