Doha: Qatar’s private sector companies and business leaders have welcomed the government’s decision to support and provide financial and economic incentives amounting to QR75bn along with a series of other measures aiming to support the private sector.
Quick enquires with some of the prominent Qatari businessmen and representatives of the private sector reveal that the stimulus package comprising of economic incentives coupled with other benefits and supports extended by the by the government will be of great help to cope up with the impact of the coronavirus.
''We highly appreciate the decision of the Amir H H Sheikh Tamim bin Hamad Al Thani to support the private sector and the Qatari economy as a whole. This huge incentive will have positive impact and boost the economy as well as the ongoing operations and performance of the private sector,” Ali bin Abdulatif Al Misnad, Member of the Board of Qatar Chamber told The Peninsula, yesterday.
Al Mesned added: “The initiative also sets an example for other countries. These initiatives reflect on how much the Qatari leadership and the government care about the people and support the businesses and the economy as a whole. Qatar has become a leader in everything in the region. We as representative of the private sector and owners of businesses have to be also ready on our part to help the government to control and contain the outbreak of the coronavirus (COVID-19) as much as possible. We have to make our resources available for the government and the people to help combatting this new virus.” He also said that private companies as the employers of labour force, have to obey and comply with rules and regulations announced by the concerned authorities, including the Ministry of Public Health. “We have to make sure that every individual who works for our companies must follow and adhere to the rules and guidelines to ensure that the disease does not spread any further.
This is very important responsibility on the part of private sector.” The QR10bn, which will be injected into the Qatar’s capital market (through Qatar Exchange), will also help the small and medium enterprises (SMEs, and regain the confidence of businesses and investors on the Qatari economy.
Rashid Hamad Al Athbah, Second Vice-Chairman of Qatar Chamber, also echoed similar thoughts about the economic incentives announced by the government on Sunday.
“Its a great initiative and support provided by His Highness and on the part of the government to the private sector. It will be of great help and relief for companies who have to pay salaries for staffs, rents for the shops and commefrom page rcial space.''
''The other measures like exemption in customs duties and rent holidays for warehouses and logistics for six months will also work as a big support for the private companies affected by the outbreak of the coronavirus.”
Al Athba, who is also the Chairman of Al Athbi Trading Group, added: “It is also the responsibility of the private sector to comply with the government and support it every way possible. The private sector should keep the prices of goods and services unchanged like before.
The initiatives taken by the government is expected to address all the concerns of the private companies, and the economy will grow smoothly without any problem.” On the supply of food stuff, he noted that Qatar maintains strategic reserves of essential, and other goods, so there is no issue related to supply of food stuff and other goods. “We have enough storage facilities, and food security is one of the most important priorities of the government so there is no need to worry about it at all.”
