Qatar’s foreign investment law could be a ‘game changer’

DOHA: The draft-law on foreign investment which will allow non-Qatari businesses to have 100 per cent capital in companies in all sectors of the economy is set to be a “game changer” for the Qatari economy. The most awaited piece of law, which aims to boost FDI inflow, has already started evoking a huge response from the potential foreign investors.

Interviews and enquiries with several Doha-based businesses leaders, investors and experts representing different countries from Asia, Europe and North America suggest that investors are anxiously waiting to know more about the new law. Before finalising their investment decisions they are keen to understand the exact details of the draft-law after its final nod. 

The draft-law, which has already received Cabinet approval early this year, aims at accelerating economic development and industrial diversification as part of Qatar’s long-term vision.

KM Varghese, President of the Indian Business & Professional Council (IBPC). 

“The draft-law opening the Qatari economy for 100 per cent non-Qatari capital is going to be a game-changer for the local economy as well as the entire region.

“Within weeks after the Qatari government announced about the law we started receiving calls from Mexican companies and investors asking more details about the upcoming law,” Juan Cepeda, Director of ProMexico (Middle East), the trade and investment promotion arm of the Ministry of Economy told The Peninsula. 

Cepeda added: “The investors are very keen to understand the impact of the new low on the local economy. It’s been just a few weeks since the  economy minister announced about the law, and we at the embassy are getting enquiries and calls from potential investors.”

Gustaf Hannerz, Deputy Head of Mission at Swedish Embassy in Qatar.

The draft-law regulating foreign investment came in line with the directives of the Amir HH Sheikh Tamim bin Hamad Al Thani to attract foreign capital by 100 per cent in all activities and economic and commercial sectors.

A top official of a Doha-based flagship forum of Indian businessmen and professionals which also actively works in promoting and facilitating trade and economic relations between Qatar and India echoed similar views. 

 “The decision of Qatar Government to allow 100 per cent FDI in all sectors of the economy will no doubt prove to be a boon for the Qatari economy.”