Qatar approves draft law to attract more foreign capital

DOHA, Jan. 4 (Xinhua) -- Qatar's cabinet approved a draft law for non-Qatari investors so as to attract more foreign capital, Qatar News Agency (QNA) reported Thursday.

This came during the cabinet's regular meeting chaired by the Prime Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani, which was held on Wednesday.

Qatar's Minister of Economy and Commerce, Ahmed bin Jassim bin Mohamed al-Thani, stated that the new law aims to keep pace with modern development in the field of investment, through enhancing confidence and investment security in the country.

Under the provisions of this draft law, non-Qatari investors would be able to fund projects completely in Qatar.

Foreign investors are allowed to invest after getting approvals from the Council of Ministers, but prohibited from investing in commercial agencies and buying real estate.

The law also offers investment incentives including allocation of land to non-Qataris to establish investment through the use or rent in accordance with the applicable rules and regulations, in addition to exempting the project from income tax.

Qatar is trying to attract foreign direct investment and strengthen the foreign investment framework, since the United Arab Emirates (UAE), which along with Saudi Arabia, Egypt and Bahrain have taken measures to isolate Qatar, and accused it of supporting terrorism.

Doha vehemently denies the accusations. Enditem