Qatar has taken several measures to support investment in the country and provide incentives to the private sector to increase production and ensure the provision of various commodities in the local market.
Upon the directives of His Highness the Emir Sheikh Tamim bin Hamad al-Thani and the recommendations made by the Ministerial Group to support, motivate and encourage the private sector to increase its contribution to the economic development of the State, HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani announced several decisions and issued directives to various ministries yesterday.
HE the Prime Minister decided to reduce the rental value by 50% for all investors in the logistics areas of the Economic Zones Corporation in the south of the country, during 2018 and 2019. The revised rental values will be QR20 per sq m from the earlier QR40.
It is also decided to provide more exemptions to stimulate investors to speed up the completion of their projects on time. Investors in the logistics areas south of the State are exempted of the rental value of 2018 in the event of the issuance of building permits before January 31, 2018 and they would be exempted from paying rents for 2019 in the event of the issuance of licenses to complete the construction before January 31, 2019.
“This will contribute to the implementation of the development of logistics areas in accordance with the time plan adopted by the Manateq (Economic Zones Company). The decisions and directives will contribute to encouraging the private sector to enter into diversified investments in the logistics sector,” the official Qatar News Agency (QNA) said.
HE the Prime Minister also directed the Qatar Development Bank (QDB) to postpone the loan instalments to industrial project owners approved by the Ministry of Energy and Industry’s Committee for up to six months. “This is to support investors in the industrial sector and give greater role to the private sector in the economic development projects in the State.”
The Prime Minister has urged all ministries and government departments to increase the percentage of purchasing local products from 30% to100%, if the local product meets Qatari specifications and standards and is in accordance with the regulations and policies of the tenders and auctions committees in the State.
According to a draft law issued by the Cabinet in May, “all types of companies, partnership contracts or any other legal entities, whether owned by one or more natural or legal persons, may be founded or established in the economic zone by citizens or others”.
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