Entrepreneurs in Qatar have lauded the QR75bn economic and financial stimulus package that was part of a series of directives by His Highness the Amir Sheikh Tamim bin Hamad al-Thani to support and sustain the country during the Covid-19 pandemic.
In a recent press conference, HE Lolwah bint Rashid AlKhater, Assistant Foreign Minister and Spokesperson for the Ministry of Foreign Affairs, announced that the Supreme Committee for Crisis Management, chaired by His Highness the Amir, is adopting educational, financial, and transport initiatives to help all sectors in Qatar as the government is intensifying its fight against the coronavirus.
According to Mufeed Ahmed, the co-founder of Qatar-based startups, Qubicle and Washnow, the directives of His Highness the Amir to support the private sector will help encourage local companies, especially small and medium-sized enterprises (SMEs) to move their businesses forward.
“This is a huge benefit for many businesses; these packages give entrepreneurs the assurance that they can bravely move forward with the company’s existing staff and plans. They may have to tweak it a little bit in terms of where physical interaction is needed but this also helps boost employees’ morale, as well,” Ahmed told Gulf Times.
He added: “These announcements of support packages and rent holidays also give entrepreneurs a reason not to step down or slow down their businesses. It is an assurance from the government to encourage them to keep the momentum going.”
Similarly, Qatar-Indonesia Business Council (QIBC) president Farhan al-Sayed said the QR75bn economic and financial stimulus was an “impressive decision” by the government in showing its support all stakeholders and major players in the private sector.
He said many businesses have welcomed the decision to temporarily suspend the payment of rents, citing several major malls, as well as institutions like Katara – the Cultural Village, Msheireb, Qatar Science and Technology Park, and Barwa Real Estate Group, among several others.
“This is definitely an immense benefit to owners of commercial companies in Qatar, who are also hoping that in the future these incentives could include exemptions in the payment of rents for workers’ accommodations. This would also be a great help to companies that have a large workforce,” al-Sayed noted.
Earlier, the board of directors of the Qatari Businessmen Association (QBA), led by its chairman, HE Sheikh Faisal bin Qassim al-Thani, commended His Highness the Amir’s directives, saying that the announcement would give Qatar’s business environment and private sector “a huge support, and reduce the size of the economic impact wrought by the pandemic.”
In a statement, the board said the move to provide financial and economic incentives “will support the financing needs of the private sector and help it continue its work efficiently and maximise its role in sustainable development projects, reducing the pressure and financial burden on SMEs.”