Cabinet nod for draft law on non-Qatari capital

DOHA: The Cabinet, which met yesterday with Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani in the chair, took the necessary measures to issue a draft law regulating the non-Qatari capital in the economic activity, after it reviewed the recommendation of the Advisory Council.

The draft law was prepared to replace Law No. (13) of 2000 regulating the investment of non-Qatari capital in economic activity.

Under the provisions of the draft law, non-Qatari investors may invest in all economic sectors up to (100 percent) of the capital, and they may own no more than (49 percent) of the share capital of Qatari listed companies on Qatar Exchange, after the approval of the Ministry of Economy and Commerce on the percentage proposed in the Company’s memorandum of association and articles of association.

They may also hold a percentage exceeding the mentioned percentage with the approval of the Cabinet upon a proposal by the Minister.

The draft law contains many investment incentives. The Cabinet may, on the proposal of the Minister, grant the investment projects incentives and benefits in addition to what is provided for in this law.

The Cabinet also approved the accession to the Agreement for the Establishment of the International Anti-Corruption Academy.

Meanwhile, the Cabinet approved a draft law amending some provisions of Law No. (21) of 2015 regulating the entry and exit of expatriates and their residency, and decided to refer it to the Advisory Council.

The Cabinet also approved a draft law on the mortgage of movable property.

The draft law aims to enable companies and individuals to obtain bank loans by guaranteeing the mortgaging of movable property, and to contribute to reducing the cost of loans in order to support small and medium enterprises and their contribution to the national economy.

The Cabinet approved the accession to the Agreement for the Establishment of the International Anti-Corruption Academy.

The Cabinet also approved draft commercial and economic partnership agreement between the Government of the State of Qatar and the Government of the Republic of Turkey and draft air services agreement between the Government of the State of Qatar and the Federated States of Micronesia.

The Cabinet also approved draft memorandum of understanding between the International Anti-Corruption Academy and the Administrative Control and Transparency Authority in the State of Qatar and draft memorandum of understanding for cooperation in the field of higher education and scientific research between the Government of the State of Qatar and the Government of the Republic of Serbia.

The Cabinet reviewed Smart Qatar Program and the draft Cabinet decision establishing the Supreme Committee of Smart Qatar Program, and took the appropriate decision thereon.

قرر مجلس الوزراء أمس، برئاسة معالي الشيخ عبدالله بن ناصر بن خليفة آل ثاني رئيس مجلس الوزراء وزير الداخلية، اتخاذ إجراءات استصدار مشروع قانون بتنظيم استثمار رأس المال غير القطري في النشاط الاقتصادي، بعد أن اطلع على توصية مجلس الشورى حول مشروع القانون.

وبموجب أحكام مشروع القانون، يجوز للمستثمرين غير القطريين الاستثمار في جميع القطاعات الاقتصادية حتى %100 من رأس المال، وتملك نسبة لا تزيد عن %49 من رأس مال الشركات المساهمة القطرية المدرجة في بورصة قطر، ويمنح مشروع القانون مشروعات الاستثمار حوافز ومزايا عديدة.